Is the bull market about to repeat? History will not simply repeat itself, but it will be surprisingly similar!
The current market behavior of Bitcoin (BTC) has caught the attention of investors, drawing notable comparisons to the bull run of 2015-2017. With historical parallels leading to optimistic predictions, Bitcoin’s outlook remains promising as it mirrors the pattern of the bull market’s formative years.
Bitcoin’s Bull Market Historical Data
Leading cryptocurrency Bitcoin has corrected more than 20% after hitting an all-time high of nearly $74,000 in March 2024. This is the largest market correction to close since the FTX crash in November 2024. However, Bitcoin almost recovered from this decline and reached $72,000 on May 21.
History will not simply repeat itself, but it will be surprisingly similar!
From a comparative perspective, the bearish pattern of the 2023-24 uptrend looks very similar to the 2015-17 bull market.
During a specific period, there are no futures transactions on Bitcoin, and the market is mainly driven by underlying spot transactions. The launch of U.S. spot Bitcoin exchange-traded funds (ETFs) and capital inflows reinforce strong market fundamentals similar to those seen in the past. Comparisons become important when considering the past. In its early days, Bitcoin’s market infrastructure was underdeveloped, emphasizing organic growth driven by core demand rather than speculative trading. Today's reliance on spot trading signals a return to these fundamental dynamics and may herald a more sustainable growth trajectory.
Bitcoin ETFs and the Impact of Politicians
ETF inflows increased to an average of $210 million per day last week. The change highlights a strong re-accumulation phase, in stark contrast to the selling pressure exerted by Bitcoin mining, which is running at around $32 million per day due to the halving event. Although ETF inflows have slowed slightly in recent weeks, the overall trend remains positive.
ETFs have seen net inflows of $122.1 million so far this week, according to data obtained. This continued capital flow indicates strong buyer demand supporting the Bitcoin market. Santiment’s on-chain analysis further supports this trend, showing that Bitcoin wallets holding at least 10 BTC have increased their holdings by 154,560 BTC over the past five months.This accumulation pattern by large wallet holders is a key indicator of market sentiment that is typically associated with bullish phases.
Politicians have also reflected this change in attitude towards Bitcoin. Politicians who were initially indifferent or even opposed to cryptocurrencies now recognize their potential to disrupt the traditional financial system. The shift was particularly highlighted when former President Donald Trump announced a pro-crypto stance, signaling broader political acceptance of cryptocurrencies.
Bitcoin’s journey from rejection and opposition to acceptance by financial and political institutions has demonstrated its transformative potential. As Wall Street and the political class continue to recognize the opportunities offered by cryptocurrencies, it is clear that Bitcoin and its ilk will play an increasingly important role in the global financial landscape. This evolving narrative promises greater integration and innovation, making the future of cryptocurrency a subject of intense interest and speculation.
If you don't know how to screen strong coins, then I suggest you follow me. Whether it is spot or contract, a small move may be your limit. The opportunity is very short, so you must seize it! Success does not depend on luck, choice is greater than hard work, and the circle determines destiny. In the currency circle, in addition to having a sharp eye to judge the situation, you also need to keep up with a good team and a good leader. Follow me and you will have already won half the battle in the currency circle!
You can receive the latest free articles from the currency circle every day. The articles are good and you can share them with everyone!
