Bear Market
A prolonged period of falling prices and pessimism — in crypto, historically drawdowns of 70%+ lasting a year or more.
A bear market is an extended period of declining prices, fading volume and pessimism. Traditional finance uses a -20% threshold; crypto bears are more brutal — the 2014, 2018 and 2022 downturns each cut Bitcoin roughly 77–84% from its peak, with most altcoins falling further.
Bear markets follow a rough anatomy: denial after the top, capitulation on forced selling, then a long apathy phase where price goes sideways and attention dies. Historically that last phase — not the crash headlines — is where long-term accumulation happened. Survival rules are boring: no leverage, cash reserves, and position sizes that let you stay rational.