The infamous "Crypto Winter". Bitcoin crashed from $19,800 to $3,200 — an -84% drawdown. The recovery took 730 days (2 years), making it the longest bear market in Bitcoin's history.
-84%
365 days
730 days
Bitcoin hits $19,800 on Coinbase. Everyone's talking about Bitcoin. Mainstream media declares it a bubble. Futures contracts launch on CME.
Crash to $6,000. "This is the bottom" — repeated many times. It wasn't. South Korea bans crypto trading. Regulatory FUD dominates.
Complete capitulation. Bitcoin bottoms at $3,200. "Bitcoin is dead" articles flood Google. Mining hash rate drops significantly.
Price hovers between $3K-$13K. No clear direction. Many gave up. Facebook's Libra announcement sparked some interest in late 2019.
Bitcoin breaks $19,800. Cycle recovered!Total time: 1,095 days (3 years).