Bitcoin just hit a new all-time high, and its recent performance is eerily similar to past bull runs. Let’s dive into what’s happening.
Bitcoin’s Upward Trend Continues
Bitcoin’s climb isn’t slowing down. According to Alphractal, a crypto analytics platform, Bitcoin has broken its all-time high for the third time in this cycle. This mirrors previous cycles, suggesting the current rally might have further to go.
Comparing Bitcoin’s Growth Across Cycles
Since its November 2022 low, Bitcoin’s price has increased by over 600%. However, this is significantly less than previous bull runs. The 2019-2021 cycle saw gains exceeding 2000%, while the 2015-2017 cycle was even more explosive, with an 8500% increase! It seems each cycle’s gains are smaller than the last. While the current rally isn’t over, it might not reach the heights of previous cycles.
Another interesting point: This is the first time Bitcoin has hit a new all-time high after several months of being below its previous high within a single bull cycle. This shows the market is evolving, and we need sophisticated tools to understand its future moves.
Holding On Tight: Less Profit-Taking Than Expected
Despite the massive price increase, investors aren’t selling off their Bitcoin. Glassnode, another analytics firm, reports a significant drop in profit-taking. When Bitcoin hit $100,000 last December, profit-taking reached $2.1 billion. This time, after hitting a new all-time high, it was only around $1 billion. This suggests strong belief in Bitcoin’s continued upward trajectory.
