Bitcoin Maintains Path of Previous Cycle Amidst Price Fluctuations

Overview

Bitcoin (BTC) continues to align with the trajectory of previous cycles, notably the one from 2017. Despite facing recent market turbulence linked to escalating tariff tensions between the U.S. and its neighboring countries, Bitcoin shows resilience.

Key Highlights:

Bitcoin has surged approximately 525% since hitting a low during the FTX collapse in November 2022, closely mirroring a 533% increase during a similar time in the 2017 cycle.
For the last 2.5 months, Bitcoin has been trading in a range between $90,000 and $109,000.

Price Performance Since Cycle Low BTC: Price Performance Since Cycle Low (Source: Glassnode)

While assessing Bitcoin’s cyclical behavior by returns from previous market peaks, analysts note that the highest value for Bitcoin was around $64,000, with an all-time peak of $69,000 in November 2021. Many indicators suggest that the cycle’s actual peak occurred in April 2021, despite ongoing geopolitical issues.

Price Performance Since Cycle ATH Bitcoin: Price Performance Since Cycle ATH (Source: Glassnode)

Bitcoin remains within $90,000 to $109,000, testing both ends of its trading range despite price volatility, and is projected to find a local bottom around $91,000 according to CoinDesk research.

BTC to USD BTCUSD (Source: TradingView)

For further insights, explore CoinDesk.