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Bitcoin Sets New Record, Climbs Above $70,000 Mark; Ethereum Hits $4K Milestone

Bitcoin Sets New Record, Climbs Above ,000 Mark; Ethereum Hits K MilestoneBitcoin has once more surpassed its previous highest point of $69,210, established on March 5, 2024, as documented by Bitstamp. Currently, the digital currency holds steady above the $68,000 mark, having outdone its prior peak and ascended to $70,184 per coin. New Peaks: Bitcoin Tops $70,000 While Ethereum Briefly Crosses $4,000 The value of bitcoin […]

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

Bitcoin Price Breaks All-Time High in Epic Resurgence – Here’s What Happened the Last Time BTC Tapped Its ATH

Bitcoin Price Breaks All-Time High in Epic Resurgence – Here’s What Happened the Last Time BTC Tapped Its ATH

Bitcoin (BTC) has officially broken its all-time high in US dollars, defying naysayers who’ve long declared the crypto asset useless and dead. BTC just edged past its previous all-time high of nearly $69,000, which was set on November 10th, 2021, on multiple major exchanges including Coinbase, Binance and Bitstamp. At time of publishing, the leading […]

The post Bitcoin Price Breaks All-Time High in Epic Resurgence – Here’s What Happened the Last Time BTC Tapped Its ATH appeared first on The Daily Hodl.

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

Bitcoin Shatters Lifetime Price High Breaking the $69K Barrier

Bitcoin Shatters Lifetime Price High Breaking the K BarrierOn March 5, 2024, at 10:03 a.m. (ET), bitcoin’s value eclipsed its previous lifetime peak against the U.S. dollar, ascending beyond the $69,000 threshold on Tuesday. This breakthrough in valuation marks a new all-time high (ATH), occurring 846 days since bitcoin last reached the $69,000 mark on Nov. 10, 2021. From Uncertainty to Uncharted Heights: […]

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

Bitcoin price action is beginning to mirror BTC’s 2015-2017 pre-bull market cycle

Bitcoin’s price action and the crypto markets’ structure are beginning to mirror the pre-bull run activity seen in previous years, according to Delphi Digital.

A recent report by the research firm Delphi Digital illustrates the predictable consistency of price action and trends within the crypto market. The report delves into the interconnectedness between the four-year Bitcoin (BTC) cycle and broader economic trends. 

According to Delphi Digital analysts, the ongoing consolidation at $30,000 is similar to the period between 2015 and 2017, with indicators pointing toward an all-time high (ATH) for Bitcoin by the fourth quarter of 2024.

Economic cycle's impact on Bitcoin's performance

Delphi’s analysis draws attention to the inherent cyclical nature of the cryptocurrency market. This cyclicality is demonstrated by the timing between peak-to-trough bottoms, recovery periods to previous cycle highs and the timing of price rallies to new cycle tops. Using Bitcoin as a benchmark, Delphi outlines the general blueprint of a cryptocurrency market cycle.

Bitcoin price in USD (log scale) reflecting four-year cycles. Source: Delphi Digital

These four-year cycles include Bitcoin hitting a new ATH, experiencing an approximate 80% drawdown, then a bottom around one year later. This tends to be followed by a two-year recovery to prior highs and, finally, a price rally for another year leading to a new all-time high.

The research reveals a fascinating correlation between Bitcoin price peaks and changes in the business cycle, as indicated by the ISM Manufacturing Index.

Bitcoin/USD year-over-year (orange) vs. U.S. ISM Manufacturing Index year-over-year (white). Source: Delphi Digital

During Bitcoin’s price peaks, the ISM often demonstrates signs of topping out, and active addresses, transaction volumes and fees reach their highest point. Conversely, as the business cycle signals recovery, so do network activity levels.

The report emphasizes the Bitcoin halving’s role in these cycles. The last two halvings occurred about 18 months after BTC bottomed and roughly seven months before a new ATH. This historical pattern indicates a projected new ATH for Bitcoin by the fourth quarter of 2024, aligning with the expected timing of the next halving.

Bitcoin price action looks similar to the 2015-2017 pre-bull run phase

The report also suggests that the current market environment shares striking similarities with the period between 2015 and 2017. The alignment of market behavior, economic indicators and historical trends indicates that the current phase is akin to a time of increased risk exposure and potential growth, just as was experienced during that period.

The report notes that the market’s trading patterns, especially in the S&P 500, closely resemble the trajectory observed during 2015-2017. Even during times of uncertainty, such as an earnings recession, these patterns persist, mirroring the sentiment of that period.

The consistent pattern of Bitcoin’s cycle, its synchronization with broader economic shifts and the imminent halving in 2024 all contribute to this thesis.

U.S. ISM Manufacturing Index, current (orange) vs. 2013-2019 cycle (white). Source: Delphi Digital

Delphi highlights parallels between the bleak global growth outlook during 2015-2016 and the recent period of economic uncertainty in 2021-2022. Factors such as the strength of the U.S. dollar and changes in global liquidity cycles echo the past.

The report underscores how gold’s performance around that time, influenced by currency debasement concerns, exhibits remarkable similarities to the present. These parallels bolster the argument that macroeconomic conditions are following a familiar trajectory.

Gold price in USD (log scale), current (orange) vs. 2015-2019 cycle (white). Source: Delphi Digital

Related: Is Bitcoin’s record-low volatility and decline in short-term holders a bull market signal?

The crypto market reflects an optimistic outlook, with some red flags

Delphi’s analysis provides compelling evidence that the crypto market operates within cyclical patterns that mirror broader economic changes. The report’s prediction of a new all-time high by the fourth quarter of 2024 aligns with historical halving patterns. This timing, coupled with the state of indicators like the ISM and expectations of renewed liquidity cycles, strengthens the argument for a cycle akin to the one seen in 2015-2017.

The upcoming Bitcoin halving in 2024 further adds credence to the firm's expectations of a possible bull market by the fourth quarter of that year. While the analysis is not without its risks and uncertainties, the overall outlook for the cryptocurrency market in the next 12-18 months appears promising, given the stacking catalysts and historical precedent.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions 

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022. Stablecoin […]

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline

Meme Token PEPE Plunges Below  Billion Mark Amidst Market DeclineThe recently launched meme token, inspired by Pepe the Frog and dubbed PEPE, experienced a 12% decline against the U.S. dollar on Tuesday, plummeting its market valuation beneath the $1 billion threshold to a present $790 million. Concurrently, the total meme coin sector faced a 7% loss against the dollar, with the top six prominent […]

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

Arbitrum Registers Record Activity Over the Last 2 Weeks as Transactions per Day Count Surges

Arbitrum Registers Record Activity Over the Last 2 Weeks as Transactions per Day Count SurgesIn the past 20 days, the Arbitrum blockchain has recorded a significant number of transactions coinciding with the recent ARB airdrop that occurred on March 23. About two weeks ago, on that day, the Arbitrum network recorded an all-time high of 2.72 million transactions settled in 24 hours. L2 Network Arbitrum Records 2.72 Million Transactions […]

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

BONK Meme Coin Sees Wild Price Fluctuations and Massive Holder Concentration

BONK Meme Coin Sees Wild Price Fluctuations and Massive Holder ConcentrationAfter the all-time cryptocurrency price highs in 2021, suffering through the Luna implosion of 2022 and watching countless crypto businesses go belly up, we’ve got a new entrant to the meme coin scene that launched on the Solana network. The crypto asset bonk inu (BONK) has a circulating token supply of around 41.5 trillion and […]

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

Bitcoin’s Difficulty Slides 7.32%, Reduction Marks the Largest Drop in 2022

Bitcoin’s Difficulty Slides 7.32%, Reduction Marks the Largest Drop in 2022On Dec. 5, 2022, at block height 766,080, Bitcoin’s mining difficulty adjustment dropped 7.32% lower, making it the largest difficulty reduction in 2022. The current difficulty is approximately 34.24 trillion and it will remain at this point for the next two weeks or 2,016 blocks. Bitcoin Miners Catch a Break as the Network’s Difficulty Drops […]

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead

Bitcoin’s Mining Difficulty Taps a Lifetime High, Glassnode Says BTC Miners Remain ‘Under Immense Pressure’

Bitcoin’s Mining Difficulty Taps a Lifetime High, Glassnode Says BTC Miners Remain ‘Under Immense Pressure’On Sunday, Nov. 20, 2022, Bitcoin’s difficulty rise erased the recent 0.20% decline recorded two weeks ago, as the difficulty metric rose by 0.51% at block height 764,064. The increase on Sunday has pushed the difficulty rating to another all-time high, from 36.76 trillion to the current 36.95 trillion. Bitcoin Difficulty Reaches All-Time High Nearing […]

Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead