According to CryptoPotato, Bitcoin may have already started entering a bear market. As of Monday, Bitcoin might have entered its fifth consecutive week of negative closing. Historically, Bitcoin has never closed down for five weeks in a row outside of a bear market environment. Twitter user MisterCh0c noticed this pattern on Monday and was quickly countered by more bullish followers. Some pointed out that the decline since April is smaller compared to previous bull markets. On March 31st, Bitcoin closed at a weekly high of about $71,400 and closed at around $63,000 this Sunday, falling about 12%.
Glassnode's chief analyst James Check supported this observation on Friday, pointing out that Bitcoin only fell up to 20% from its high point of $73,000 during this cycle. In contrast, the bull market in 2017 experienced multiple retracements from 20% to 30%. Moreover,brett_eth noted that four consecutive weeks of red candle events also occurred during bull markets. In fact,two such events happened after bitcoin halving as it did earlier this month.
