Happy ‘bearday,’ Bitcoin: It’s been 3 years since BTC bottomed at $3.1K

Bitcoin (BTC), although it may be trading below $50,000, its bull market is actually three-years old.

Cointelegraph Markets Pro and TradingView data confirm that Bitcoin bulls have something to be happy about as 2021 draws near.

3,125% upside for three years

BTC/USD is still an order of magnitude higher today than it was 18 months ago, despite disappointing end-of-year expectations.

March 2020 saw a brief return of near-cycle lows in a bull market that had been solid since December 2018. Bitcoin fell to $3,100 at that point, a level never before seen and unlikely to be again.

— CRYPTOBTCIRB December 15, 2021 (@crypto_birb

December 15, 2018, marked the end of an entire year of Bitcoin retracement to its all-time high of nearly $20,000. BTC investors have had as much exposure as 2,125% to gains compared to the $69,000 high.

The consolidation process lasted several months, and April 2019 was the turning point when the market reached $13,800.

Analysts weigh the likelihood of consolidation and a slow climb upwards, chracterizing both the end of this years year and the beginning.

Michael van de Poppe, a Cointelegraph contributor, summarized: “Welcome the chop season.”

“The season in which all gains from day 1 are lost on Day 2 and everything flips/flops within 24hrs, as well as the ideas of people trading on the markets.”

Cointelegraph reported that September 15 marked another birthday of Bitcoin, as it spent an entire year exceeding $10,000.

BTC/USD 1-month candle chart (Bitstamp). Source: TradingView

Looking for a “flush?”

Although a return to $20,000 is unlikely for most market participants, analysts do not rule out the possibility that Bitcoin could dip again in the near term.

Related: An analyst lists 21 factors that could lead to Bitcoins price rising — but only 4 bearish signals

Pentoshi, a popular trader, could use this leverage cascade to remove excessive speculation from the markets.

BTC/USD would be at risk if it breaches $40,000 as the major support level.

Filbfilb, a fellow trader, said that a “max-pain” scenario would actually be higher than $60,000 and could even lead to a loss of capital.