Bitcoin Bear Market Accumulation Phase Could Be Much Shorter After 2015 When Comparing Cycles
Bitcoin has been experiencing 4 year cycles in which miner rewards drop and drive the price of the digital currency to new levels.
The price has also experienced price increases in specific moments in time in which the digital asset grew exponentially reaching new highs. But are these trends and phases becoming shorter and shorter as time passes?
Bitcoin Price Phases Could Be Shortening
In 2017, the bull market recorded over 5700% gains from $300 to $19500. This bull market ended in January 2018 after the trend reversal started to push prices downwards. At the same time, this bear trend ended when Bitcoin reached $3,150 in December 2018. That means that the bear trend lasted for 52 weeks.
History doesn't repeat itself but it often …
… Rekt you the same way 😭😭 pic.twitter.com/t0XNOghFIg
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) May 17, 2019
However, it seems that the accumulation period that followed the bear market in 2018 and 2019 seems to have ended before. Dovey Wan, a cryptocurrency analyst and the founder of Wheatpond has shared a comparison between the full Bitcoin price cycle in 2017 and 2015. It is possible to see that history tends to repeat itself, but in this case, the accumulation period seems to have ended before than usual.
Analysts are currently saying that the bull market for Bitcoin has already started when Bitcoin moved from $6,400.
At the same time, the positive sentiment for Bitcoin is higher than before, which is very good for the digital asset and its future. Next year, Bitcoin is going to be experiencing a halving that will reduce miners’ rewards from 12.5 BTC to 6.25 BTC. With a larger interest from investors and the community, Bitcoin could experience a larger price increase.
At the time of writing this article, Bitcoin is being traded around $7,900 and it has a market capitalization of $140 billion. In the last 24 hours, Bitcoin has increased 8% according to data provided by CoinMarketCap.