Bitcoin (BTC<\/a>) may be flagging below $50,000, but its bull market is actually three years old this month.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0confirms that Bitcoin bulls have at least something to celebrate as 2021 draws to a close.<\/p>\n Despite disappointing when it comes to end-of-year price expectations, BTC\/USD remains an order of magnitude higher than where it was even 18 months ago.<\/p>\n March 2020 marked a brief return to near cycle lows in what had otherwise been a solid bull market ever since December 2018. At that time, Bitcoin capitulated to lows of $3,100 \u2014 a level that was never seen, and likely never will be seen again.<\/p>\n SAME DAY THREE YEARS AGO #Bitcoin<\/a>\u00a0 BOTTOMED OUT THE BEAR MARKET OF 2018<\/p>\n \u2014 CRYPTO\u20bfIRB (@crypto_birb) December 15, 2021<\/a><\/p><\/blockquote>\n It was Dec. 15, 2018 that Bitcoin ended an entire year of retracement from then all-time highs of near $20,000. Compared to this year’s $69,000 peak, BTC investors have thus had exposure to as much as 2,125% gains.<\/p>\n Consolidation lasted for several months afterwards, with April 2019 the watershed moment as the market climbed towards the year’s high of $13,800.<\/p>\n The anniversary of “peak bear” is timely, coming as analysts weigh the chances of consolidation and a slow grind upwards chraracterizing<\/a> the end of this year and the beginning of the next.<\/p>\n “Welcome to the chop season,” Cointelegraph contributor Micha\u00ebl van de Poppe summarized<\/a>.<\/p>\n “The season where all the gains of day 1 are lost on day 2 and everything flip\/flops within 24 hours, also the ideas of people on the markets.”<\/p><\/blockquote>\n As Cointelegraph reported<\/a>, Sept. 15 formed another birthday for Bitcoin in the form of it spending an entire year above $10,000.<\/p>\n While a return even to $20,000 is not on the cards for the majority of market participants, analysts are not discounting the idea that Bitcoin will dip considerably again in the short term.<\/p>\n Related:\u00a0Analyst lists 21 factors calling for Bitcoin price upside \u2014 But just 4 bearish signals<\/a><\/em><\/strong><\/p>\n For popular trader Pentoshi, this could take the form of another leverage cascade<\/a> to “flush” excessive speculation from the market.<\/p>\n Major support levels revolve around $40,000, a breach of which would put BTC\/USD on course to challenge its dip from after May’s miner rout.<\/p>\n Conversely, a “max pain” scenario would in fact be a run higher towards $60,000, fellow trader filbfilb argued<\/a>\u00a0this week.<\/p>\n<\/div>\nThree years, 2,125% upside<\/h2>\n
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![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/9338cd4f-6c3b-4ac2-a514-bb78e2075abc.png\")
Hoping for a “flush”<\/h2>\n