Bitcoin bear markets over time:
2011: -91.4%
2014: -85.4%
2018: -83.3%
COVID: -61.9%
2022: -76.7%
NOW: -49.6%
Historically, most drawdowns have been much deeper than current levels
If the pattern holds, downside may not be fully exhausted yet
But one key shift this cycle:
Institutional flows + ETFs are changing market structure
This time could follow a shallower bear market than previous cycles