The one thing that characterizes every bear market for cryptocurrencies is the high volatility.
In the image you can see the peaks of the previous cycle compared to the current cycle based on the percentage of historical volatility, which is an indicator that tells us how much higher or lower the current volatility is compared to the past.
When the HVP is 90% it means that the current volatility is higher than normal.
When the HVP is 10% it means that the current volatility is lower than normal.
It is interesting and you will notice it quickly that the market peaks of 2013 and 2017, occur with high volatility, as these peaks reached above 90% and sometimes even 100% for several days
Compared to the current cycle, bitcoin has gone from just 0% volatility to 60% over the past 3 months
This is unusual for bear markets and is yet another confirmation that the top of this cycle has not been reached for BTC
Greetings to all of you