Bitcoin (BTC): Will 2022 2nd Half Eventually Ensure Lucrative News for Investors?
Bitcoin has witnessed everything with its slump from the $68K highs to $17K. Meanwhile, the crypto space struggled throughout the 2022 first half, confirming volatility trends that the crypto world exhibits.
Meanwhile, external and internal factors contributed to one of the most deteriorated first halves of a year. Also, new reports by Coinmarketcap and Glassnode confirm these observations.
Bitcoin Bears
Though its blemishes, the current bearish regime in the crypto sphere remains the least deteriorated in BTC’s history (from a drawdown standpoint). Nevertheless, the magnitude and scale of the effect were the highest to date.
Other BTC bear markets have been harsh from a percentage perspective. The metrics varied from 2011’s 93%, 84% in 2015 and 2018, and in March 2020 at 75%.
Historical BTC bear markets have witnessed prices decline beneath the Realized Price at an average timeframe of 180 days – including March 2020 (which took seven days).
The MVRV ratio hovered beneath the 1 area whenever spot prices stayed under the realized price. That shows average BTC investors are holding tokens beneath the on-chain cost. Moreover, its means exhibiting unrealized losses.
Here is another index that can shed light on realized loss/profit after the ATHs of November 2021. Since then, the bellwether crypto has witnessed four massive days of capitulation. For instance, the market witnessed two deleveraging events in Dec 2021 and Jan 2022. The days realized losses of $2.51 billion and $2.18 billion.
However, the second quarter saw two massive blackout events. Meanwhile, the LUNA debacle proved a catalyst during this phase. BTC investors realized total losses of over $6.21 billion within three days. Moreover, June saw another on-day losses record at $4.23m as Bitcoin’s price plunged to $17.6K.
Final Thought
So, what next for Bitcoin? While publishing this post, Bitcoin changed hands beneath the $23.5K mark, witnessing a surge after rate hikes by Fed. Meanwhile, the broad market presented somewhat impressive hikes over the past few days.
The marketplace enjoys renewed intent, with surging trader optimism. Nevertheless, Bitcoin appears on gradual slides following its latest surge. Time will reveal upcoming tendencies by the world’s largest crypto.
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