3cap on Nostr: Bitcoin drawdowns from previous cycle highs 2011 - 93% 2015 - 84% 2018 - 84% 2022 - ...

Bitcoin drawdowns from previous cycle highs

2011 - 93%
2015 - 84%
2018 - 84%
2022 - 77%

If BTC reached $100k instead of $69k in 2021, the max drawdown would have been 84%.

I suspect the China mining ban, FTX paper BTC, and macro conditions prevented a blow off top.