Key Points
- Bitcoin has surpassed critical resistance levels, indicating a potential move towards a $100K target.
- The cryptocurrency’s current cycle is progressing faster than its 2015-2018 counterpart, with stronger fundamentals and broader adoption.
Bitcoin, also known as BTC, has recently overcome significant resistance levels that were previously indicative of its cyclical behaviour during the 2015-2018 bull market. This latest development underlines the cryptocurrency’s resilience and increasing maturity in an evolving market.
The Current Trajectory of Bitcoin
The current trajectory of Bitcoin appears more calculated than the dramatic fluctuations seen in the 2015-2018 cycle. This is due to stronger fundamentals and wider acceptance. With its price now surpassing levels that many thought would be insurmountable resistance, questions are being raised about whether this rise signifies the start of a new bull cycle, or perhaps a run towards a six-figure valuation.
Bitcoin’s present cycle is moving faster than its 2015-2018 counterpart. After reaching a peak of $20,000 in 2017, it took Bitcoin nearly three years to bounce back, consolidating at lower levels before its next bull run. However, the 2022 bottom has seen a much quicker recovery, with Bitcoin exceeding $50,000 within two years. This is almost a year faster than the previous recovery.
Trading Volumes and On-Chain Shifts
Bitcoin’s momentum is being maintained, with monthly RSI readings above 75 indicating strong bullish conditions. Trading volumes have also surpassed those from the earlier cycle, reflecting increased market participation.
This milestone represents an 80% recovery from 2022 lows, backed by long-term holder accumulation and reduced exchange balances. These on-chain shifts demonstrate stronger fundamentals compared to previous cycles, suggesting less speculative activity and more consistent growth. Bitcoin’s accelerated recovery sets it apart from historical patterns.
