Bitcoin took less than 850 day to reach its all-time record of $69,000, set in November 2021.
This is faster than the two previous cycles, which spanned a period of nearly a decade from 2013 to 2020.
Bitcoin still needed eight months to surpass its record of nearly $20,000 set in late 2017. The top crypto fell 85% within the first eight months after that record-breaking high. By the end the year, it had fallen to as little as $3,135.
Bitcoin (BTC), which has been around for almost three years, is now back to its previous price. Its price increased by more than six times in the next 24 hours and it will surpass $20,000 at the end of December 2020.
Bitcoin hit $69,000 by November of the next year before eroding again. At least according to one metric it was the longest crypto-winter ever, a period marked by the FTX/Terra debacles and a number of high profile bankruptcies by hedge funds, crypto lenders, and miners.
The interval between peaks was even wider in the previous cycle. Bitcoin topped out at $1,240 in Nov. 2013 and wouldn’t return to that price point for 1,200 days, in April 2017 — another grueling bear market revived by mania around Ethereum-powered initial coin offerings.
Bitcoin’s recent all-time-high is its fastest, excluding the 630 days or so it took to recapture its peak of $39.91 set in June 2011.
Before that, any action could be considered as price discovery. Bitcoin had been a tradeable asset only for an year and a quarter at that time.
The drawdowns over the past years have remained virtually the same: around 80%. Each of the previous three cycles peaked about one year later.
After reclaiming every peak dating back to 2013, it took between 240 and 345 (eight to one year) for bitcoin to reach its all-time highest.
If bitcoin’s technical analysis is based on fractals (the jury has yet to decide), then BTC will likely top out between November of this year and the end of March 2025 if not already.
Even though we know returns have decreased significantly every cycle. They’re at least getting shorter.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
