The fourth Bitcoin halving event on April 20, 2024 has attracted significant interest. In the nearly two months since this event, the price of Bitcoin has increased by more than 7%. This positive performance is notable, as it marks the second time Bitcoin has seen a post-halving price increase at this point in the cycle, highlighting the difficulty in generating immediate profits after such an event.

Bitcoin: Price performance since halving. Source: Glassnode

Examining Bitcoin price since the all-time high (ATH) of the previous cycle in April 2021, Bitcoin is now around 10% higher, with performance between the 2017-2021 cycles (up 150%) and 2013-2017 (down 20%).

Bitcoin: Price performance since last cycle top. Source: Glassnode

Comparing the cycles, it can be seen that from the low in November 2022, when Bitcoin was trading around $15,500, the current price increase of about 330% is impressive. This exceeds previous cycles, where the 2018-2022 cycle saw a 183% increase and the 2015-2018 cycle saw a 215% increase.

Bitcoin: Price performance since cycle bottom. Source: Glassnode

These comparisons highlight that Bitcoin remains on a consistent path, with performance consistent with historical trends despite the inherent volatility and challenges of the market.

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