Bitcoin has doubled in price in the past 75 days, leading some analysts to question whether the market is close to overtime.
However, historical analysis by CaseBitcoin’s Bitcoin Monitoring Team indicates that the bitcoin markets could accelerate even further, noting that the ‘doubling time’ for BTC – the time it takes the price to rise 100% – has fallen to the 12 days just before the peak. . For the year 2017. Bull Racing.
CaseBitcoin reports that the fastest doubling time recorded in the current market cycle was January 7, when BTC rose from $ 21,000 to $ 42,000 in just 22 days.
The company notes an analogy between the market movement in January and what happened in August 2017 – the “average period of the beef market for the year 2017”. At the time, the bitcoin price doubled in just 26 days to $ 5,000 for the first time, then fell 40% over the next few weeks. Speaking of recent growth, CaseBitcoin concluded:
“In general, the last few months look like the average beef market in 2017, when the doubling time is mostly less than 100 days, but never less than 20 days.”
Analysts added: “It will be interesting to see if the doubling of time will occur at the same rate as at the end of the 2013 and 2017 cycles, this time.”
Back in 2013, Bitcoin’s doubling time fell to four days a week after the peak bull season.
Many analysts believe that the current bull market has more room for growth, and the founders of the cryptocurrency data Glassnode have shared data showing the declining supply of Bitcoin – an estimate of the number of coins in circulation freely and not locked in “illiquid devices” – accelerating since early 2021. The year.
The data also shows that Bitcoin’s liquidity supply has decreased significantly since April 2020, and Glassnode estimates that 78% of Bitcoin in circulation were already illiquid as of December 2020.