Historic Bitcoin cycle suggests that a new all-time high could still go on
Markets are cyclical and history repeats itself often. And if the bear-to-bull cycle from 2014 to 2017 If there is any indication of this, Bitcoin could still have a whole year before the cryptocurrency reaches the all-time high again. )
Comparison of previous cycles with the current bear and bull market
The crypto market as a whole is largely convinced that a new bull market for Bitcoin and Altcoins such as Ethereum, Litecoin and XRP is emerging. Numerous signals confirm the theory and the entire market rests and consolidates just below the critical resistance.
But while a surge above the current level certainly points to a new bull market, a rejection at the current level would bring Bitcoin back in line with previous bear and bull cycles.
The most significant bear market followed the high point in the year 2013 when Bitcoin was first used 1. 000 dollar. It was a breakthrough above that level that made Bitcoin parabolic for the rest of the year 2017 – a rally , which caused Bitcoin to hit another new all-time high.
Investors' awareness that the asset has woken up and hit its previous high has triggered a strong wave of FOMO in the past that has pushed the price to a new record. The same is expected again when the general public gets wind of the fact that Bitcoin 20. 000 Passed the dollar after BTC was uninteresting to the public for several years of the downtrend.
Could Bitcoin's next all-time high be reached a year ago?
The time between the all-time high of the last cycle and its resumption was about 1. 135 days. This time Bitcoin is only about 800 days through the current bear to bull cycle, which indicates that there could possibly be another year of price promotions before the leading cryptocurrency again 20. 000 Dollar reached.
However, many analysts believe that each Bitcoin cycle is lengthening as the relative volatility of the investment decreases as the adaption increases. This would suggest that it could take even longer for the all-time high of $ 20. 000 is cracked. But almost all crypto-analysts agree that it's not about whether Bitcoin hits a new high, but when.
Proof of text: newsbtc