Data shows that the current Bitcoin price is almost identical to December 2020 and reveals significant similarities to the 2021 bull run. Comparing this year's performance with previous cycles shows that the 2011 to 2013 cycle was a clear outlier. This situation in turn challenges the notion that institutional interests have brought about a new Bitcoin price paradigm this year.
Looking at the data from the highest point in April 2021 to now, the market is in almost the same position corresponding to the 2018 to 2021 cycle.
âIf we index the price performance since the April 2021 ATH (where bear market sentiment is thought to have started to form) (black), we can see almost exactly the same place compared to the previous cycle (blue). "
Bitcoin price is down 15.4% from its latest high of $73,000, very similar to the price action of the 2018-2021 cycle. According to data, Bitcoin price hit $73,100 on March 13, then fell to a low of $61,800 on March 20 before recovering to the $70,000 range. Bitcoin investors have sold more than $2.6 billion in profit amid market resistance, marking an increase in profit-taking incidents. As the price fell from its all-time high to recent lows, a total of 2 million Bitcoins transitioned from a "profit" status to a "loss" status.
Bitcoin is less than 18 days away from its halving. Can Bitcoin hit a gold pit before the halving and hit $60,000 again, and then break through to a new all-time high? !
