According to Odaily, trader and analyst 'Daan Crypto Trades' recently shared insights on X, stating that Bitcoin has entered its price discovery phase for the current cycle. The analyst highlighted that Bitcoin's price has surpassed its previous all-time high nearly a month ago, suggesting that the coming months could present significant bullish opportunities for the cryptocurrency.
Daan Crypto Trades pointed out that in previous cycles, Bitcoin experienced substantial gains following the discovery phase. Specifically, during the 2017 bull market, Bitcoin surged by 1,600%, and in the 2021 bull market, it increased by 245% after entering the discovery phase. The analyst further noted that even achieving half of the 2021 gains would place Bitcoin's price around $150,000.
Charles Edwards, founder of Capriole Fund, commented on the situation, stating that each cycle typically yields 4-7 months of Bitcoin price discovery returns. He added that the first month of this phase occurred in November, during which Bitcoin rose nearly 40%, setting a new monthly candle record.
