It’s been a little over 4 months since BTC reached it’s 2021 ATH ~$63,000. And, its near-term outperformance vs the prior bull cycle can be quantified:
- Since the 2021 ATH price, BTC Demand has risen +1% on a 90-day moving average — BTC Demand had already declined -37% in the 4 months following the 2017 high.
- In 2021, BTC’s price fell roughly -53% from the ATH, and has since bounced more than +66% from those lows — In 2017, BTC sold off by -66% from the ATH, with a max gain of +49% in the resulting bounce.
Bitcoin is still showing strength, and a clean break above $50,000 would be a bullish indicator for the entire crypto market.