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Bitcoin is not following the pattern of past four-year cycles in the current bear market, making the likelihood of a further drop to historical bear-market drawdown levels increasingly low over time, Glassnode said.
BTC is currently rebounding from about 30% below its all-time high, while in the previous three bear markets, drawdowns at a comparable stage were more than twice as deep and only a few weeks away from their lows, according to the analysis.