Bitcoin's current bear market has stretched to 233 days, making it the fourth-longest bear cycle since 2014, according to CoinGecko.
The crypto data aggregator said in a June 25 report that it defines a Bitcoin bear market as any stretch where BTC closes below its 200-day moving average for at least 30 straight days.
By that measure, the current 2025-2026 cycle is already longer than the 2020 COVID crash, the 2021 mid-cycle correction and the 2019-2020 pullback.
The 2018-2019 ICO bubble collapse lasted 385 days, the 2022-2023 Luna and FTX cycle lasted 381 days, and the 2014-2015 Mt. Gox bear market lasted 321 days.
The current cycle began after Bitcoin reached an all-time high of $124,773 in January 2025, CoinGecko's analysts say, linking the ongoing decline to rising rate uncertainty, fading post-halving momentum and investor rotation toward AI-linked assets.
Less damage so far
Although the current bear market is long, it's still comparatively shallow. CoinGecko said the current cycle's maximum drawdown is 51.2%, with Bitcoin bottoming at around $60,860 on June 7, making it the mildest drawdown among the seven bear markets tracked in the study.
- The 2018-2019 cycle remains the worst, with an 83.6% decline. The 2014-2015 Mt. Gox cycle fell 81.6%, while the 2022-2023 Luna and FTX cycle dropped 76.7%.
- Recovery also doesn't look immediate by CoinGecko's trend measure. As of June 24, Bitcoin's 200-day moving average was $76,450, while spot price was $62,651, leaving BTC about 22% below that level.
- CoinGecko says past major bears took 65 to 166 days from bottom to reclaim the 200-day moving average.
- So if June 7 holds as the bottom, even the fastest historical recovery would put a reclaim no earlier than August of this year.