# Glassnode Founder Rafael Puts Bitcoin Drawdown at 34.8% By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/43877 Published: 2026-10-29T20:48:05.000Z Updated: 2026-10-29T20:48:05.000Z Section: Investing > Rafael compared that figure with declines 13 months after the peaks of the 2013, 2017 and 2021 cycles, which were all deeper. Glassnode founder Rafael put Bitcoin (BTC) 34.8% below its cycle peak in a [comparison with earlier market cycles](). The comparison uses the point 13 months after the peaks of the 2013, 2017 and 2021 cycles; it does not establish that the current cycle was at the same age when the 34.8% figure was measured. At the 13-month mark in those earlier cycles, Bitcoin’s drawdowns were 71.0% in 2013, 79.5% in 2017 and 74.6% in 2021. Each was larger than the 34.8% figure in Rafael’s comparison. ## Links in this article - [comparison with earlier market cycles](https://www.tokenpost.com/news/investing/38506)