Is There Still Upside Potential in Bitcoin Price? Analysis Company Answers by Analyzing Previous Bulls

Leading cryptocurrency analytics firm Glassnode has published its latest assessment of Bitcoin’s market trends, noting structural similarities between the current bull market and the 2015-2018 cycle.

According to Glassnode, Bitcoin’s price growth rate has slowed with each cycle, indicating increasing market maturity. The current bearish profile closely mirrors the 2015-2017 cycle, and historical patterns suggest the potential for an acceleration phase in the bull market at this stage relative to the lows of the cycle.

The firm reports that BTC’s realized capital has grown 2.1x in the current cycle, below the peak of 5.7x in the last cycle but still in line with the growth seen during 2015-2018. Notably, the market has yet to experience the full impact of the euphoria phase, according to the analytics firm, suggesting further potential for expansion.

Glassnode notes that there has been a significant shift in Bitcoin’s supply dynamics, with exchange balances falling to 2.7 million BTC. This decline is largely attributed to Bitcoin being moved to ETF wallets, which are typically managed by custodians like Coinbase. The combined holdings of exchanges and ETFs have remained stable at around 3 million BTC, suggesting a shift in market structure rather than a supply shock.

*This is not investment advice.