How does Bitcoin’s current cycle compare to 2013/2017? Let’s take a look!🧵
This chart by @decentrader looks at the 3 major Bitcoin cycles since their relative halving dates. Each line starts at the halving date with the x-axis running on from that point in number of days. BTC
1/ Due to the Bitcoin algorithm and the major event dubbed ‘The Halving’ which occurs roughly every 4 years, Bitcoin’s price action has become quite cyclical.🔁
Midway through the cycle (roughly two years in) is when bear markets tend to have bottomed... historically!🤔
2/ Quick refresher on the Bitcoin Halving.⤵️
The Bitcoin Halving event occurs when the reward for mining Bitcoin transactions is cut in half.
Halvings reduce the rate at which new coins are created and thus lowers the available amount of new supply, even as demand increases.
3/ Currently, BTC is approaching the 2018 cycle low in terms of number of days from halving. (891 days)
But something is different this time...
Macro-economic tensions such as the Russia-Ukraine conflict and impending US recession have the potential to break this pattern!💔
4/ Will the pattern continue or will macro-economic factors influence this cycle? Let us know your thoughts below!⤵️
Follow the progress of this chart here:
If you enjoyed this thread on Bitcoin’s cycles, make sure to❤️and🔁
Crypto Bitcoin BTCthis twitter thread.