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[Cotun] “Worst start ever…Bitcoin ‘early-year formula’ has broken”
Bitcoin (BTC) has fallen 23% so far this year, marking its worst start to a year on record, according to CoinDesk. “Data from Coinglass shows that there have been no previous instances of Bitcoin declining in both January and February,” the outlet reported. “In 2015, 2016, and 2018, Bitcoin posted double-digit losses in January, but these were followed by rebounds in February.” It added, “In a typical downturn, the average index reading at the 50-day mark of the year is 0.84, whereas the current reading stands at 0.77, below the historical average. Furthermore, unlike the established pattern in which Bitcoin recorded returns above the bull-market average in the year following a U.S. presidential election, it declined 17% last year.”
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