According to Dan Morehead, the CEO of Pantera Capital, the median bull cycle for Bitcoin (BTC) went up 15x in just 300 days. He wrote that on Twitter trying to show that Bitcoin at $61,000 is just 2x from the start of this bull market. He has also shared detailed information about bull and bear markets for Bitcoin since 2011.
Could Bitcoin Bull Cycle Make 15x This Time?
Bitcoin has been growing over the last months and throughout 2021. The cryptocurrency market is currently in an expansionary phase in which digital currencies are getting closer to their all-time highs. One thing that has called the attention in this Bitcoin bull cycle is related to the fact that it is closer to its all-time high than many other virtual currencies, including Ethereum (ETH), Litecoin (LTC) or other digital assets.
#bitcoin at $61,000 is 2x from where we mark the start of this new bull market in July.
For perspective, the median bull cycle went up 15x over 300 days.
More thoughts on the state of the market here: https://t.co/g46sxp7Qe6 pic.twitter.com/Iy96sJvZzO
— Dan Morehead (@dan_pantera) October 15, 2021
So the question is: could Bitcoin bull cycle make 15x from the start of its bull run? According to Pantera Capital’s CEO Dan Morehead, it might be possible for Bitcoin to continue growing in the near future and in the coming years as well.
This is true if we think that a Bitcoin ETF (the first one) has been approved last week and this could help a large number of investors get exposure to the crypto market. Moreover, Bitcoin has just been purchased for the first time by a country: El Salvador. Thus, Bitcoin has the possibility to become an even larger asset in the coming years as it becomes adopted all over the world.
In the Bitcoin bull cycle market data shared by Dan Morehead, we see that Bitcoin is simply 2x from the beginning of this bull run on July 20th, 2021. Just 87 days have passed since then when the median number of days for a Bitcoin bull cycle is 300.
However, it is worth taking into consideration that if we focus on the last 4 years, the growth has been lower than from 2011 to 2017. Hence, we should pay close attention to this in the coming weeks.
At the time of writing this article, Bitcoin is being traded close to $60,800 and it has a market valuation of $1.14 trillion. In the last 7 days, Bitcoin has expanded by more than 10% showing that it is at a very strong Bitcoin bull cycle. It is just a matter of time to see what could happen in the coming months.