Bitcoin Continues to Reflect 2017 Cycle Despite Global Market Pressures
Despite the ongoing geopolitical and tariff-related tensions between the U.S. and its key trading partners, Bitcoin (BTC) continues to follow the same upward path it took during the 2017 market cycle.
Bitcoin has seen an impressive 525% increase from its cycle low during the FTX collapse in November 2022. For comparison, Bitcoin had risen 533% at a similar point in the 2017 cycle. A different method of evaluating Bitcoin’s cyclical behavior involves comparing current returns with previous all-time highs. The last cycle’s peak occurred in April 2021, at around $64,000, with Bitcoin’s highest nominal price reaching $69,000 in November 2021.
While some on-chain metrics suggest April 2021 marked the true peak of the cycle, Bitcoin has displayed an uncanny consistency in maintaining the same trajectory as it did in the 2017 cycle, even amid rising global uncertainties. For over two months, Bitcoin has been largely range-bound, fluctuating between $90,000 and $109,000. The cryptocurrency continues to test both the upper and lower limits of this trading channel, with recent CoinDesk analysis highlighting $91,000 as a potential local bottom. This sustained range-bound behavior is reinforcing expectations that Bitcoin is closely mirroring its historical performance.
