According to metrics realized today, the current Bitcoin bullish market shows structural resemblances to the 2015–2018 cycle, with growth opportunities for further development.
BTC’s current price actions resemble movements made during the 2015-2018 era, according to the latest metrics. During the first cycle, which is 2009-2011, the asset surged its value 80.51 times. Similarly, during the second cycle, which was between 2011 and 2015, the token increased its value 55.30 times.
However, during the third cycle, which was between 2015 and 2018, the token expanded its value by only 2.80 times, indicating decreased profitability as the coin matures as an asset class. The latest data identified the current cycle’s growth is similar to that of the period between 2015 and 2018. This shows the market is maturing with likely less rapid growth.
Further, Glassnode data identified the current Bitcoin cycle’s realized cap growth resembles that of the 2015-2018 era. This means the Bitcoin market is maturing and depicting substantial room for higher growth and price increases.
However, the data highlighted that the market has still not witnessed the euphoria phase. This phase is characterized by extreme price rise, investor optimism and excitement, extensive media attention, and FOMO influencing users to make purchases. In other words, the current Bitcoin bullish market has not yet reached the euphoria phase.
Although current BTC prices have surged tremendously, the realized cap has not experienced a form of tremendous growth that would display large-scale euphoria. This suggests there could be more growth potential for the market to expand immensely. The euphoria phase has not completely entered into the market, and so there is a likelihood for higher price surges and further investor engagements.
Lastly, Glassnode data showed the current cycle’s temporary price declines (retracements) are similar to that of the 2025-2017 era. In the 2015-2017 cycle, Bitcoin witnessed substantial rallies with significant price drops along the journey – price drops were followed by greater upsurges. The current bullish market is depicting a similar pattern. So, the current BTC price decreases signify the bullish market is not yet over and could possibly experience a massive rally.
