Bitcoin has exhibited impressive returns of approximately 634% since the last bear market's lows, supported by strong fundamentals and institutional accumulation. Despite the promising outlook of the current price cycle, which saw a maximum retracement of around 32%, comparisons with historical cycles and other assets like Gold raise questions about Bitcoin's relative underperformance. The price structure has shown stability and a progressive pattern of rallies, suggesting a less volatile but potentially less lucrative market for investors.
Institutional accumulation via ETFs and Bitcoin treasury holdings has been robust, showing a strong backdrop that precedes a robust run-up phase late in the bull cycle.
The deepest retracement this cycle has been around 32%, which is far milder than the 50% or greater drawdowns seen in past cycles.
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