The current bitcoin bull market is less robust than its predecessors but shows similarities to the events of 2015-2018, leaving room for acceleration in the foreseeable future, according to Glassnode.
Experts analyzed the price dynamics of the leading cryptocurrency relative to cycle lows and identified a decrease in the pace of price increases with each new bull run. In their view, this reflects a move towards maturity and the increased capital required to raise asset values.
The current cycle, relative to the low at the end of 2022, corresponds to the transition point into the second phase of euphoria. In the last two bull markets, a noticeable acceleration in price growth was observed around this time due to an influx of new demand.
The next chart illustrating the range of pullbacks showed that in the current bull run, corrections are between Fibonacci levels of 10.1% and 23.6% and demonstrate similarity to the 2015-2018 cycle.
Analysts explained such small pullbacks (at their peak from ATH they did not exceed 25%) by the demand formed due to the recognition of digital gold as a macro asset and the popularity of spot BTC-ETFs.
Experts examined the dynamics of realized capitalization. This tool helps visualize the pace of net capital inflow.
In the current cycle, the increase in this metric was 2.1x, significantly lower than the peak value of 5.7x in the previous cycle, but again showing similarity to the events of 2015-2018.
According to this indicator, the market has not yet entered a stage of exponential growth, leaving potential for the expansion of positive dynamics, according to Glassnode.
Analyst Ali Martinez identified $91,700 and $97,877 as key supports for maintaining bullish momentum.
Bitwise predicted “less severe” corrections in the digital gold price due to initiatives by U.S. President Donald Trump.
Earlier, bitcoin futures entered bearish territory for the first time since August 2023 due to news surrounding DeepSeek and uncertainty over the Fed meeting.