Let’s see how it compares to the last two bull runs
First of all, we have to agree that there is a cycle in every economy. We can say that it is the bull phase, when the price of an asset rises, and the bearish phase, when the price goes down.
That’s a rule. What goes up must go down and vice versa.
The same applies to cryptocurrencies and Bitcoin.
In the crypto market, this cycle has a period of 4 years. The event that triggers the transition from the bearish to the bullish phase is the Bitcoin halving event.
The Bitcoin halving event occurs after 210,000 blocks are generated and that takes about 4 years.
In 2016, on July 9th, the halving event occurs and the price of Bitcoin was $ 646. Exactly a year later, the price was $ 2,555. That’s 3.8 times the price from halving.
Then a correction is made and a new ATH occurs on December 17th. We saw the peak of the cycle with a BTC price of $ 19,266.
That is a total of 29 times the price from the halving.
In 2020, on May 11th, the final halving event will take place, with the BTC price being worth $ 8476. After a year the price went down to around $ 48,000, which is a multiplier of 5.6.
Let’s look at some other interesting facts. In the beginning, Bitcoin was an unknown asset. Few people knew and fewer were involved.
I asked people if they knew. The result was that two in ten people knew, but only one in a hundred invested.
Now everyone knows BTC and a lot of people have invested.
Before the last halving event, the Banks CEO was negative, saying that BTC was a scam.
Now they are saying the opposite and are trying to get a license to give their customers the opportunity to trade with it.
Again we see it becoming more accessible and mainstream.
The bearish period begins when we hit an ATH and after that we have a rapid drop in prices of more than 40%.
We saw it in a really bad crash in 2017-18.
We saw it and in that bull run on May 23rd where the price was 50% below the ATH for a moment.
On the other hand, the bull runs so far have a period of 460 to 518 days depending on how we start measuring, but now we only have 370 days from the start of this bull run.
In addition, we are far from a x29 multiplier for the price of BTC in this bull run.
It looks like the market is split in half. Some believe that we are in a bearish phase and that this cycle has ended because of the great correction. The other half believe that we didn’t see the big gains in this bull run and that we are in a healthy correction.
Do you want my opinion
I dont know. I see the image of the market and have interpreted it one way or another, depending on the angle from which I see it. I am split in the middle.