It’s the last bull run.
And these bull runs seemed to have been cyclical so far. I’m also gonna draw some comparisons to 2013/14. The bull run before that. Which had a double peak.
The cycles seemed to have coincided with the mining halving of Bitcoin. Why does that make a difference on the market? It’s at the very core of the tokenomics of Bitcoin, and it’s at the birth of where the value starts and begins to be determined.
The cycles have had similar ratios not only just once or twice, but 3 times already. And we’re seeing those same ratios again.
If you look at the golden ratio, for instance, you can see mathematical patterns, along with growing length. AKA the “lengthening theory” :
Why do Bitcoin’s cycles even matter?
As long as Bitcoin dominates the market with no close second, and as long as altcoins follow its cues, its tokenomics and dynamics will dictate the market. This actually makes things a little simpler, and a little more predictable long term. If more coins become as dominant as Bitcoin, then the market may become next to impossible to predict long term. The phase before trying to locate a similar price action in 2017, we have to first get a rough idea of where we are in the bull run. Meaning, are we at the beginning, middle, or end? We’ve definitely been in a bull run since the beginning of the year. And arguably even since October/November of last year. We’ve also more than tripled the previous bull market’s peak ($19.5K), had our first major peak, followed by our first major crash. So we’re definitely not near the end, but we have gone through the very first phase already, and it looks like we are heading, or are in the middle of the bull market. The 2017 similarities. I’ll just let the chart speak for itself. This is just my theory.
I find a lot of similarities between the middle of 2017’s bull run, during the summer of 2017. And what we are going through right now.
Where are we heading?
Just to show where 2017 was heading after this:
Using the rainbow chart, this is where we might be heading:
Towards a double peak, similar to 2013.