Bitcoin’s Potential for Continued Growth in 2024
Despite Bitcoin’s recent struggles below $60,000, a report from ByBit suggests that the cryptocurrency’s rally may still have momentum. The analysis provided by ByBit showcases Bitcoin’s historical performance on a logarithmic scale, highlighting distinct cycles that exhibit long-term trends.
The Ongoing 2024 Bitcoin Bull Market Cycle
The current bull market cycle for Bitcoin began in late 2022, marking the start of a new phase of growth. This cycle kicked off in November 2022 when Bitcoin rebounded from $15,800, reaching a peak of $73,000 in March 2024. The bull market has seen significant gains, although not as explosive as the previous cycle from 2019-2022.
Analysis of Long-Term Trends and Investor Behavior
Looking at historical data, there are concerns about diminishing returns in each bull market cycle. Despite this, Glassnode’s report indicates that Bitcoin whales are holding onto their assets, with the Accumulated Trend Score hitting an all-time high. Long-term holders (LTH) have also adjusted their strategies, accumulating more BTC in the past three months.
Overall, the data suggests resilience among long-term investors and the potential for further price increases as market conditions evolve. Institutional interest in Bitcoin as an inflation hedge or diversification strategy adds another layer of confidence for long-term holders.
