Bitcoin Mirrors 2015-2017 Bull Market As Investors Accumulate
Bitcoin’s current market behavior is drawing comparisons to the 2015-2017 bull market, attracting investors’ attention. Historical parallels suggest optimistic projections for Bitcoin, as it mirrors patterns from its formative bull market years.
Bitcoin recorded a correction of over 20% after hitting an all-time high of nearly $74,000 in March 2024, the sharpest market correction since the FTX collapse in November 2022.
However, Bitcoin has almost recovered from this drawdown, reaching $72,000 on May 21 and currently trading at around $69,000.
The introduction and inflows into US spot Bitcoin exchange-traded funds (ETFs) have reinforced a strong market foundation similar to earlier times.
Despite a slight slowdown in ETF inflows, the overall trend remains positive, with a net inflow of $122.1 million so far this week.
On-chain analysis by Santiment shows that Bitcoin wallets holding at least 10 BTC have increased their holdings by 154,560 BTC over the past five months, indicating robust buy-side demand that supports the Bitcoin market.
You need to login in order to Like
