BITCOIN/ U.S. DOLLAR
Bitcoin has had an explosive month of price discovery, as over the course of the last four weeks we've climbed above our previous consolidation range and reached new yearly highs.
Data from Glassnode indicates that we are still in the third wave of investor accumulation. Research has shown that in all previous market cycles, there was a pattern of Bitcoin accumulation.
1. The first wave occurs shortly after the All-Time High of Bitcoin in a Market Cycle, when price rapidly moves away (down) from that high level.
2. The second wave occurs during the depths of the Bear Market, when the price floor for that cycle is being discovered and tested.
3. Third third wave occurs after the cycle bottom, when prices begin ticking up in anticipation of the Bitcoin halving.
