- Bitcoin price action over the past two years has been correlated with the start of the 2013-2017 bullish cycle.
- Whales and address growth support long-term bullish expectations.
Have you recently thought about where bitcoin? [BTC] could be in the next two to five years? Well, longer periods of time are difficult to estimate due to the diverse list of factors that make it difficult to accurately predict the outcome. But what if Bitcoin’s past could shed some light on what to expect in the future?
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A recent analysis suggests that Bitcoin is repeating a pattern already observed during the 2013-2017 bullish cycle. It also examines BTC’s performance from July 2021 to present.
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#Bitcoin price action could repeat itself! The $BTC price trajectory after the 2021 all-time high seems to reflect the 2013-2017 bullish cycle. pic.twitter.com/reCbCB8vCJ
— Ali (@ali_charts) August 4, 2023
Based on the analysis above, we see that Bitcoin’s performance over the past two years has been similar to its performance in the first two years of the 2013-2017 cycle. This correlation has persisted over the past seven months.
If Bitcoin’s current cycle maintains the same correlation, we can expect Bitcoin to enter an exponential growth phase within the next two years.
Interestingly, the above observation aligns with the timing of the next bitcoin halving, which is expected to act as another bullish catalyst. We previously explored how ongoing debt worries in the US could contribute to the next big wave of BTC adoption.
Whale activity is recovering as predicted
The same price analysis shows that whale participation is recovering in line with optimistic expectations. If we look at whale activity over the past two years, we see total outflows from August 2021 to April 2023. However, the number of whales has increased since April.
Source: Glassnode
The total number of Bitcoin addresses has grown steadily over the past two years. This positive growth confirmed that the retail segment is also accepting bitcoin. Meanwhile, BTC’s HODLed or Lost Coins metric has also steadily increased.
Source: Glassnode
Read Bitcoins [BTC] Price prediction 2023-24
The supply of long-term bitcoin holders has also seen an overall uptick over the past two years. These observations further support the possibility that Bitcoin could turn bullish over the next two years.
This long-term result could turn out to be the next up cycle. However, these are only speculative predictions based on recent observations. They therefore do not guarantee that declining results will not occur in the short term.
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