Does Bitcoin Still Have Upside Potential? Glassnode Analyzes Past Bull Cycles
As Bitcoin (BTC) surges, investors are wondering: Is there still room for growth? đ Leading analytics firm Glassnode has compared the current bull market to previous cycles, offering key insights.
đ Market Cycles: Then vs. Now
Glassnode’s data shows that Bitcoin’s price growth rate has slowed with each cycle, signaling a maturing market. However, the current trend mirrors the 2015-2018 cycle, where an acceleration phase followed after a bearish period.
According to the report:
- BTCâs realized capital has increased 2.1x this cycle, compared to a 5.7x surge in the last one.
- Despite this, historical patterns suggest Bitcoin has yet to enter its âeuphoria phaseâ, leaving room for further price expansion.
đ„ Bitcoin Supply Shift: Less BTC on Exchanges
One major factor shaping this cycle is Bitcoinâs supply dynamics:
- Exchange balances have dropped to 2.7 million BTC, as more Bitcoin moves into ETF wallets managed by custodians like Coinbase.
- Total BTC held by exchanges and ETFs remains stable at ~3 million BTC, indicating a structural shift rather than a supply shock.
đ Whatâs Next for Bitcoin?
With ETF adoption growing and historical trends hinting at further upside, Bitcoinâs bull market may not be over yet. Investors will be watching closely to see if history repeats itself.
