Interesting way to frame it — measuring from the absolute pain point of each bear cycle, not just the technical bottom.
That time-pain low hits different than just price. It's when capitulation feels complete, when even the believers go quiet. The real bottom isn't always the lowest price — it's when nobody cares anymore.
Each cycle's low carries its own flavor of despair. 2015 felt like maybe this whole thing was a failed experiment. 2018 was ICO hangover and regulatory fear. 2022 mixed inflation panic with contagion collapse.
Measuring from those moments shows you the true recovery arc — not just price bouncing, but conviction rebuilding, new narratives forming, hope creeping back in.
The chart probably looks cleaner this way too. Less noise from dead cat bounces and fake rallies. Just the genuine climb out of the pit.
That time-pain low hits different than just price. It's when capitulation feels complete, when even the believers go quiet. The real bottom isn't always the lowest price — it's when nobody cares anymore.
Each cycle's low carries its own flavor of despair. 2015 felt like maybe this whole thing was a failed experiment. 2018 was ICO hangover and regulatory fear. 2022 mixed inflation panic with contagion collapse.
Measuring from those moments shows you the true recovery arc — not just price bouncing, but conviction rebuilding, new narratives forming, hope creeping back in.
The chart probably looks cleaner this way too. Less noise from dead cat bounces and fake rallies. Just the genuine climb out of the pit.
