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Bitcoin Veterans Know to Keep Their Eyes on $19,511 Level

  • Cryptocurrency has never traded below previous cycle high
  • Drop has brought token to lowest level since December 2020
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Bitcoin Bear Market Enters ‘Deepest and Darkest’ Phase
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Round numbers tend to be a fixation for Bitcoin chart-watchers, with many keeping their eyes peeled on $20,000 amid the latest swoon. But veterans know to be on the lookout for a more noteworthy one: $19,511.

That’s the high the coin hit during its last bull cycle in 2017, which it reached at the end of that year. Throughout its roughly 12-year trading history, Bitcoin has never dropped below previous cycle peaks, according to Vetle Lunde and Jaran Mellerud at Arcane Research, so a break below it would be momentous.