- Bitcoin has regained its prior high three months quicker than in the prior bull run
- $20,000 has been retaken in 2 years, 11 months, and 29 days
- Bitcoin broke its record just one day short of its three year all-time high anniversary
Bitcoin’s breaking of its all time high yesterday was significant for a number of reasons, not least because it has finally matched its previous high and ushered in a new era of price discovery, something that last happened in 2017. Interestingly however, it managed to do this three months sooner than during the last bull run, while the record high was achieved just one day shy of its three-year anniversary.
Different Environments, Similar Performance
2013 was the first bull run that took Bitcoin over $1,000, topping out at $1,166 on November 30 that year. The correction that followed took it down to $153 before the recovery began, a recovery that saw Bitcoin reach parity with its prior high on February 20, 2017, with 3 years, 2 months, and 25 days between the two highs.
Despite being a vastly different proposition this time around, Bitcoin has nevertheless followed an eerily similar path:
This time round the process of regaining the prior high has taken 2 years, 11 months, and 29 days, three months shorter than its previous effort. Given that Bitcoin, and the world at large, is a vastly different place now than it was in February 2017, the fact that the cycles are so close despite being some seven years apart is quite incredible.
Bitcoin’s Winter Warmer
What’s also eerie is that Bitcoin hit its 2017 high on December 17, just 18 days after its equivalent in 2013, while yesterday’s all time high was reclaimed a single day before the three-year 2017 high anniversary. These parallels add credence to the suggestion that Bitcoin performs better in the winter months, although it is doubtful that 2021 will mirror 2017 more closely, which saw Bitcoin top out just over nine months after reclaiming its prior all time high. Given that Bitcoin is only a few months into its bull run there is likely much more time for this cycle to play out before Bitcoin tops out.