Drawdown

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In plain English

Drawdown asks: how far has price fallen from the high of this cycle? 0% means a new high. −50% means it has been cut in half from that high.

Bitcoin’s winters have often seen −70% to −85% from the peak. The lower pane is that percent hole. It is a risk statistic, not a valuation.

Daily closes. Cycle high from the lab detector / running high as implemented on the plate.

DD_t = (close_t / peak_t − 1)·100, peak_t = max close in the current cycle window.

Zones: ≤−70% crash, −70 to −40% bear, −40 to −15% mid, >−15% near highs.