Bitcoin Has Entered the Bull Market’s Accelerating Phase: Report
Since the start of the year, BTC has surged by 141.6%, surpassing a doubling relative to gold. Maintaining its dominance in the digital asset sector, Bitcoin’s impressive performance was highlighted by Glassnode.
Analysts noted similarities in market indicators for digital gold after reaching cycle highs, drawing parallels with the periods 2013–2017 and 2017–2021.
Additionally, consistency was observed in assessing the distance covered from cyclical lows and duration.
Experts also evaluated the depth of corrections from the latest local maximum. In 2023, the most significant correction was only -20.1%, notably lower compared to preceding cycles. This indicates a level of support for underlying demand in 2023, aligning with increasingly tight supply dynamics, according to analysts, distinguishing it from previous years where corrections exceeding 25% or even 62% were observed during bull markets.
