Point de vue : Ce cycle baissier du BTC s'est nettement détaché des cycles historiques, montrant une performance plus robuste

Mars Finance information, according to Cointelegraph, Bitcoin Bond Company CEO Pierre Rochard stated that the current fourth bear market of Bitcoin has significantly decoupled from past cycles and is performing more strongly. Previously, the maximum drawdown during the 2013-2015 cycle was about 85%, during the 2017-2018 and 2021-2022 cycles nearly 77%, while this round, from a historical high of about $126,000 down to around $60,000, has a maximum drawdown of only about 52%. Rochard believes this resilience mainly comes from two new demands: over $59 billion in net inflows into Bitcoin spot ETFs, and continuous corporate treasury purchases (such as Strategy holding over 818,000 BTC). These institutional demands were absent during the bear markets of 2018 and 2022. Michaël van de Poppe, founder of MN Capital, also said that the current market environment is no longer like 2022, and “the most crowded trading expectation might be the view that Bitcoin will break out of a bear flag pattern and bottom in October 2026.”