Analyst Notes on Historical Trend by U.Today

According to crypto analyst Lark Davis, known on social media as “TheCryptoLark,” Bitcoin has experienced a remarkable increase of 356% since its low point in this market cycle. In a recent tweet, Davis highlighted that Bitcoin’s current price trajectory mirrors that of previous market cycles. The 356% surge aligns closely with the increases of 351% and 361% documented during similar stages in the last two market cycles. Davis noted, “Looks like we’re right on track with the previous two cycles.”

Supporting this perspective, Glassnode’s latest analysis indicates that the Bitcoin market cap has risen by over $1.13 trillion, representing a 370% increase, reaching a new all-time high as of March 2024 since the cycle low observed in November 2022. The total market capitalization of digital assets is currently around $2.56 trillion, with Bitcoin comprising more than half of that at $1.33 trillion.

Having maintained its status as the largest digital asset for the past 16 years, Bitcoin makes up over 52.7% of the total industry value.

### Is History Repeating Itself?

Glassnode’s recent analysis examines Bitcoin’s price movements in the year following the four previous halving events, particularly focusing on the years 2016 and 2020. After each halving, both the 2016 and 2020 cycles experienced several months of subdued performance, followed by impressive peak returns of +350% and +650%, respectively. The current trend for Bitcoin in 2024 appears to follow a similar pattern, with prices showing only slight fluctuations in the weeks following the fourth halving event in April 2024.

Notably, the current upward trend has seen less severe corrections compared to past bull markets. Bitcoin’s price has decreased by 20.3% from its recent peak, which is the most significant pullback since November 2022. In contrast, earlier cycles experienced more substantial corrections, averaging between 25% to 35% in 2016-2017 and 50% to 63% in 2020-2021.

As of now, Bitcoin has seen a 2.32% decline in the past 24 hours, bringing its price to $57,280.