Bitcoin currently sits at around $76,366, showing a 0.69% increase. In historical context, Bitcoin's cycles tend to repeat familiar patterns. Here’s the breakdown:
1. Historical Peaks:
In 2017, Bitcoin reached an all-time high (ATH) of $20,000 in December.
In 2021, it peaked at $69,000 in November. That’s a 245% increase from the 2017 ATH.
In 2024, Bitcoin first hit $73,000 and has now reached around $77,000—a roughly 11.5% increase from the 2021 peak.
2. Bear Market Bottoms:
After the 2017 ATH, the bear market bottomed out in December 2018.
Following the November 2021 ATH, the market bottomed in November 2022.
If this pattern holds, we may expect the next ATH in 2025, following this four-year cycle.
3. Future Projections:
If Bitcoin reaches a new ATH of $180,000, that’s a 161% increase from the 2021 peak of $69,000. An even higher target of $220,000 would mean a 219% increase.
These targets align with Bitcoin's typical trend, suggesting a potential new ATH as the cycle plays out.
4. 2024’s Double-Top:
From March to November 2024, Bitcoin's price has remained fairly stable, up only about 4%.
This resembles the double-top pattern seen in 2021.
5. Market Conditions:
Following election excitement, Bitcoin rallied briefly, as market sentiment around a potential pro-crypto administration grows. Many in crypto view this shift optimistically, seeing it as a move away from potential regulatory pressures.
However, news-driven moves tend to be temporary. Long-term moves are rooted in the fundamentals of the market cycle.
Conclusion: Bitcoin's pattern shows consistent peaks and bottoms late in the year, so it’s possible we’re due for a correction before sustained growth. If the price dips to $40,000 or wicks to around $35,000-$36,000, we could see a strong base for long-term growth ahead. What do you think—will Bitcoin go straight up from here, or is a correction imminent?#DogeArmyComeBack #BTC500K #BTC☀ $ETH