With Bitcoin ‘Bear Markets’ Like These, Who Needs the Bulls?

The first half of 2021 has so far offered some significant opportunities for bitcoin bears to be wrong. The most salient of them came this past Sunday, when the bitcoin price suddenly dropped to $47,073.37, down from a freshly set all-time high (just 11 days old), of $64,888.99. 

That drop of 27.5% in less than two weeks put bitcoin into bear market territory, at least as far as the normal definition of a bear market is concerned. In equities, the term “bear market” usually applies when…

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