The peak of the Bitcoin cycle may be closer than expected
Bitget2024/03/26 00:28
According to CryptoPotato, how close is the current "
Bitcoin cycle" to the bull
market peak? History suggests it might be closer than most people think. Glassnode's chief analyst James Check presented a chart on Monday comparing Bitcoin's (BTC) price behavior over the past three years with that of other Bitcoin eras after they reached their respective historical highs.
Based on Check's measurements, Bitcoin is actually in the same position as it was in December 2020. At that time, the asset had just broken through its all-time high of $19,600 set on December 12th, 2017 and soared to $64,000 within a few months after waiting for 36 months. Today, Bitcoin is in a very similar position: about 35 months after peaking in April 2021, this asset rebounded to a high point of $74,000 in March 2024. Last week it even experienced a brief pullback due to long-term holders taking money off the table - reminiscent of previous cycles' price pullbacks between 20% and 30%.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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