Bitcoin (BTC) Continues to Follow the Trajectory of Its 2017 Cycle

Despite recent market turbulence, driven by escalating tariff tensions between the U.S and its neighboring countries, as well as China.

output: Bitcoin (BTC) price movements have largely mirrored those observed during the bull cycle of 2017, despite recent market volatility driven by escalating tariff tensions between the U.S. and its neighboring nations, including China.

Since hitting a cycle low during the FTX collapse in November 2022, BTC has risen by around 525%. In comparison, at a similar stage in the 2017 cycle, bitcoin had risen by 533%.

Another way to assess bitcoin’s cyclical behavior is by tracking the returns from previous all-time highs. The last cycle's market peak in nominal terms was $69,000 in November 2021. However, on-chain indicators suggest that April 2021, when BTC hit roughly $64,000, marked the true top of the cycle.

Remarkably, bitcoin has maintained a consistent trajectory in tracking previous cycles, despite the varying geopolitical landscapes.

Moreover, BTC has traded within a range of $90,000 to $109,000 for the past 2.5 months, despite the heightened market volatility. Within this period, BTC has repeatedly tested both the upper and lower limits of its current trading channel.

Previously, CoinDesk research highlighted $91,000 as a local bottom for bitcoin.