Fast Take
Since bottoming out round $15,500 in November 2022, Bitcoin’s efficiency has been on a constantly upward trajectory. This progress culminated in new all-time highs in March 2024, marking a staggering 280% surge from its cycle low. Nevertheless, the market has skilled a number of wholesome corrections throughout this bullish development.
In March 2023, Bitcoin noticed a 22% drawdown, adopted by a 20% correction that lasted from April to June 2023. One other 20% pullback occurred between July and September 2023. Following the debut of a Bitcoin ETF in January 2024, the market noticed a correction of simply over 20%. Most just lately, Bitcoin retraced 23% from its March 2024 peak of roughly $73,000, reaching lows round $56,500 originally of Could.
The present cycle low mirrors the restoration trajectory seen within the 2015/2018 cycle, with each reaching roughly 280% progress at this stage. Subsequently, that cycle surged to over 11,000% from its lowest level. In comparison with the low of the 2018/2022 cycle, that cycle has rebounded roughly 190% by this stage. Trying forward, the 2018/2022 cycle reached a peak that was roughly 2000% greater than its low. These indicators bode effectively for the present Bitcoin cycle.
