Bitcoin Users Stock Up as Data Shows Average Price Never Went Bearish

Bitcoin never saw a bear market in 2019 - and the evidence is easy to find on the blockchain, according to some prominent figures.

Data covering various metrics shows that despite recent price volatility, Bitcoin has held strong throughout its eleventh anniversary year.

As noted by PlanB, creator of the Bitcoin price forecasting tool Stock-to-Flow, Bitcoin's 200-week moving average has never gone down.

Uploading a chart to Twitter on Dec. 28, the analyst revealed that short-term price action has failed to turn the 200WMA negative at any point in Bitcoin's existence.

In a tweet on Saturday, Woo likewise took recent events within the context of Bitcoin's entire history.

According to him, that places price movements now in an accumulation bracket, and not a bear market.

Woo also shed light on Bitcoin's December 2018 lows of $3,100.

As Cointelegraph previously reported, trends in investor behavior began changing even before Bitcoin's April 2019 bull run took hold.

The behavior, he says, mimics that leading up to Bitcoin's previous block reward halving in 2016.

As with the next halving in May 2020, the event was considered a potential catalyst for Bitcoin price.