🐋 WHALE WATCH : Bitcoins bear cycle drawdowns by year 2015: -86% 2018: -84% 2022: -77% 2026: -54% so far Each previous bottom felt permanent. None were. The drawdowns are also getting shallower across cycles. A 54% drop doesnt confirm the bottom. BTC could go deeper before the phase shifts. But heres what the data keeps showing: the periods that felt like disaster the 70 80% wipeouts that made headlines were where the next cycle started forming. You only see that clearly in hindsight. Bear markets look worst from inside them.