This current Bitcoin bear market has lasted 237 days, marking the fourth-longest in history, but its decline is the smallest of any previous cycle.

According to a new study from CoinGecko, Bitcoin has experienced seven bear markets since 2014. CoinGecko defines a bear market as a period where Bitcoin’s closing price remains below its 200-day simple moving average (SMA) for more than 30 consecutive days. Data shows that as of June 28, 2026, the current 2025-2026 bear market has lasted 237 days, making it the fourth-longest in history. Bitcoin has fallen from its all-time high of roughly $124,800 in January 2025, hitting a low of approximately $58,115 on June 25, with a maximum drawdown of 53.43% — the smallest decline of any bear market on record. CoinGecko attributes the relatively mild drop in this cycle to factors including increased institutional participation, maturing market infrastructure, and macroeconomic factors such as interest rate fluctuations and capital flows to artificial intelligence. By contrast, the three bear markets triggered by major industry events in 2014-2015, 2018-2019, and 2022-2023 all saw maximum declines ranging from 76.7% to 83.6%. CoinGecko notes that historical data shows Bitcoin typically takes 65 to 166 days to reclaim its 200-day SMA after confirming a temporary bottom. If the June 25 low holds, Bitcoin could retake the average as early as the end of August this year, though a longer recovery period is not ruled out.