The price of bitcoin has doubled in the past 75 days, leading some analysts to wonder if the market is close to overexpansion.
However, a historical analysis by bitcoin watchdog group CaseBitcoin suggests that bitcoin markets could continue to accelerate. He notes that BTC’s doubling time – the time it takes for the price to rise by 100% – was reduced to just 12 days just before the peak of the bull market in 2017.
3/ How far can it go? In 2017, the fastest doubling – 12 days – occurred on the 7th. December rises, nine days away from highest point in three years: pic.twitter.com/CgyIjDBJwU
– CaseBitcoin (@case4bitcoin) 16. March 2021
CaseBitcoin notes that the fastest doubling time recorded in the current market cycle occurred on the 7th. In January, BTC went from $21,000 to $42,000 in just 22 days.
The firm points out that there are similarities between the January market and what happened in August 2017 – the middle period of the 2017 bull market. The price of bitcoin then doubled in just 26 days, first reaching $5,000 and then dropping 40% in the weeks that followed. Speaking of the recent run, CaseBitcoin ended:
Overall, the last few months resemble the average bull market period of 2017, with duplicates, mostly below 100 days, but never below 20.
It will be interesting to see if the doubling is as fast this time as it was at the end of the 2013 and 2017 cycles, the analysts added.
In 2013, bitcoin’s doubling time during the peak of the bull market was reduced to four days in a week.
Many analysts believe the current bull market has even more room to grow, and the founders of crypto data aggregator Glassnode shared data suggesting that the decline in the supply of liquid bitcoin – an estimate of the number of coins that circulate freely and are not blocked by illiquid entities – has accelerated since early 2021.
Despite recent volatility, #Bitcoin supply continues to dry up at a surprising rate for this time of the cycle. https://t.co/yslda1jUha pic.twitter.com/y1SInrBjEF
– Jan and Jan (@Negentropic_) 16. March 2021
The data also shows that the supply of bitcoin has declined significantly since April 2020, with Glassnode estimating that 78% of outstanding BTC was already illiquid in December 2020.
Feedback,bit coin price,how much are bitcoins worth,bitcoin stock price,bitcoin calculator