When Will The Bear Market End? Today

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Price-Based Capitulation Versus Time-Based Capitulation

A look at previous bitcoin bear market cycles shows two distinct phases of capitulation:

  • The first is a price-based capitulation, through a series of sharp selloffs and liquidations, as the asset draws down anywhere from 70 to 90% below previous all-time-high levels.
  • The second phase, and the one that is spoken of far less often, is the time-based capitulation, where the market finally begins to find an equilibrium of supply and demand in a deep trough.

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