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Bitcoin’s Historic High: A Comedy of Errors and Echoes

BBG News

In a moment of unparalleled grandeur, Bitcoin has once again ascended to the celestial heights of its own making, setting a new all-time high. This latest escapade, following a series of dizzying performances, seems to be channeling the spirit of past bull cycles, much to the delight of those who have not yet cashed out their digital fortunes. 🎉

Familiar Trend Observed In Bitcoin’s Upswing

Bitcoin’s relentless march upwards shows no signs of abating, much to the chagrin of those who predicted its imminent collapse. According to Alphractal, a platform that prides itself on advanced on-chain data and investment insights, Bitcoin has now broken its all-time high for the third time in this cycle. This recurring feat has sparked a wave of nostalgia, with analysts drawing parallels to the previous market cycle, where similar breakouts often heralded further parabolic movements. 📈

Indeed, the data from the Bitcoin ROI Per Cycle, a metric that measures the asset’s performance over each cycle, reveals a sharp increase of over 600% since its nadir in November 2022. However, this impressive growth pales in comparison to the meteoric rises of the past, which saw gains in the thousands. It seems that each cycle, while still robust, is a bit less enthusiastic than the last. 🤷‍♂️

During the 2019-2021 cycle, Bitcoin soared by more than 2,000%, and in the 2015-2017 bull market, it experienced an astounding 8,500% rally. The current chart suggests that while the rally is far from over, it is likely to be less dramatic than its predecessors. Alphractal also noted a curious phenomenon: Bitcoin has never before reached a new all-time high after several months of dormancy within a single bull cycle. This shift in dynamics underscores the growing complexity of the market and the need for sophisticated metrics to navigate it. 🧐

No Sign Of Profit-Taking In The Current Surge

Despite the sharp rise to new all-time highs, the selling pressure has been notably absent. Investors, it seems, are more inclined to hold onto their coins, riding the wave of the ongoing rally. Glassnode, a leading on-chain analytics platform, reported a significant drop in profit-taking, with the total volume falling to approximately $1 billion. This is a mere fraction of the $2.1 billion realized when Bitcoin first hit $100,000 last December. 🤑

It appears that the market’s conviction in Bitcoin’s short-term prospects remains strong, with investors showing little inclination to cash out their gains. Glassnode’s data suggests that the profit realization was much more subdued despite the higher price, a sign that the uptrend may have legs yet. 🏃‍♂️

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2025-05-24 05:45

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