Zizcrypto
BTC: Current Drawdown Remains Above Prior Capitulation Levels
Bitcoin remains below its all-time high, with the current pullback near -39% roughly 205 days after the ATH. Past cycle lows formed after substantially deeper declines from peak levels, reaching roughly -86% in 2015, -83% in 2018, and -76% in 2022. More recent bear markets have generally bottomed with shallower losses than earlier eras, consistent with a gradually maturing market structure. Even so, the present retracement remains well short of the damage seen during prior capitulation phases. This does not guarantee further downside, but current conditions still differ materially from past cyclical lows. Source: CryptoQuant