Bitcoin Shows Parallels With 2017 Cycle, Here’s What Can Happen Next
A quant has pointed out parallels between the current and the 2017 Bitcoin cycles, something that may contain hints about what’s next for the asset. The Current Bitcoin Cycle Has Shown Interesting Parallels With The 2017 Cycle As explained by an analyst in a CryptoQuant post, there have been five interesting recent events in the current cycle that are similar to what was seen in the 2017 cycle. The 2017 cycle hit its top in December of that year, while the current cycle hit its top back in November of 2021. The entirety of these cycles isn’t relevant in the context of the....
Related News
According to a CryptoQuant analyst, the Bitcoin price top isn’t in yet if the pattern of past bull cycles holds any weight. Bitcoin Might Reach A New ATH In This Cycle As per a CryptoQuant post, it’s possible that Bitcoin hasn’t yet reached the cycle top, and that a new all time high (ATH) might be achieved soon. There are two ways to define a cycle. The first is to make the initial point the BTC halving. Here is a chart that shows how the price of the coin moved in the 2012, 2016, and 2020 bull cycles based on this criterion: Price vs the number of days after halving in....
A quant has pointed out the similarities between the 2017 and 2021 Bitcoin cycles, something that could hint at how the rest of this bear market might play out. Both 2017 And 2021 Bitcoin Cycles Saw New Lows Around The 365-Day Mark Since The Top As explained by an analyst in a CryptoQuant post, the two cycles are more similar than one might expect them to be. The indicator of relevance here is the “drawdown from ATH,” which measures the percentage decrease in the price of Bitcoin following the all-time high during each cycle. Here is a chart that shows the trend in this metric....
What’s different about crypto in 2021 compared to 2017, and where does this current Bitcoin rally sit in terms of BTC’s cycle? The idea of market cycles is widely accepted in finance. The most basic principle is that what goes up must come down. The underlying rationale is that investors will accumulate when prices are low, causing prices to rise. As the price reaches a peak, sell pressure will take over as holders seek to cash out, thereby pushing the price back down. If you bought Bitcoin (BTC) in 2017 or earlier, this will sound eerily familiar. It essentially describes what happened....
On-chain data shows the Bitcoin Puell Multiple has been going up recently after having formed a possible bottom. Here’s what history says could happen next for the crypto’s price. Bitcoin Puell Multiple 100MA Has Bounced Off A Potential Cycle Bottom As pointed out by an analyst in a CryptoQuant post, BTC miners seem to be […]
A crypto analyst has presented a 39-month analysis that could determine when the XRP price will rally to a new all-time high. The analysis marks a return of this trend, which could see XRP rise as high as $1,000. The 39-Month Cycle Pseudonymous crypto analyst NeverWishing on TradingView has presented a rather convincing 39-month cycle trend that often ends with the XRP price seeing a significant rise. The last time this trend was completed was back in mid-2020 just before the 2020/2021 bull market began. When this trend was marked three years ago, it ended with the XRP price rallying from....