quick take
Since bottoming near $15,500 in November 2022, Bitcoin’s performance has been on a consistent upward trajectory. This growth culminated in his all-time high in March 2024, an impressive 280% increase from the cycle low. However, the market has experienced some healthy corrections during this bullish trend.
In March 2023, Bitcoin experienced a 22% drawdown, followed by a 20% correction from April to June 2023. A further 20% decline occurred between July and September 2023. After the debut of the Bitcoin ETF in January 2024, the market corrected by over 20%. Most recently, Bitcoin has rebounded 23% from a high of around $73,000 in March 2024 to a low of around $56,500 in early May.
The current cycle low reflects the recovery trajectory seen in the 2015/2018 cycle, both of which achieved growth of approximately 280% during this stage. The cycle has since skyrocketed by more than 11,000% from its lowest point. Compared to the lows of the 2018/2022 cycle, the cycle has recovered by about 190% by this stage. Looking ahead, the 2018/2022 cycle peaked at about 2000% above the low. These indicators bode well for the current Bitcoin cycle.
