Although it has been recovering recently, there has not been enough upward momentum to truly guarantee that the market may be headed for another bull rally.
When trying to pinpoint how far a digital asset such as Bitcoin might drop, it can often be helpful to look at how that asset has moved in the past.
During this time, the price of the digital asset would fall more than 80% from its all-time high, leaving it touching as low as $3,000, representing an 84% decline.
This was also the case during the 2013/2014 bull rally when the price had touched above $1,100 at its peak and subsequently dropped to less than $150 at its lowest.
What this would mean is that the bottom may be not $20,000 for the current trend as is widely believed.
If bitcoin followed its previous price movements, an 80% drop from the all-time high value would mean that the digital asset would be touching at least $13,000 before the bear market is over.
Nevertheless, bitcoin continues to fend off the bears.