Grayscale Investment's latest Insight report provides interesting food for thought, pinning the start of the current bear market in June 2022, which could last another 250 days if previous market cycles are to repeat themselves.
Grayscale notes that cryptocurrency markets mimic their conventional counterparts with cyclical movements. Bitcoin (BTC) market cycles conventionally last 4 years or approximately 1,275 days. The firm defines a cycle when the realized price of BTC moves below the current market price.
Realized price is determined by the sum of all assets at their purchase price divided by the asset's market capitalization. This gives a measure of how many positions are profitable, if at all. June 13 saw the realized price of BTC cross below market price, which Grayscale identifies as the start of the current bear market.
The firm believes this presents a prime investment opportunity - which is set to last another 250 days from July if the duration of previous cycles repeats...
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