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Breaking News: Bitcoin Soars to $21,500 On "Hated Rally," Is There Fuel To Keep Rising?
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Breaking News: Bitcoin Soars to $21,500 On "Hated Rally," Is There Fuel To Keep Rising?
bitcoin all time high
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Over 900 Days Since Bitcoin All-Time High, Data Shows Another Year Before New Record

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin
Reading Time: 3 mins read
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On December 17, 2017, Bitcoin price set a record for its all-time high, touching just under $20,000 before a reversal into a bear market took place.

Since then, over 900 days have passed and with each new day, Bitcoin inches closer to setting a new record. According to past data, there may be another year or more left before the first-ever cryptocurrency reaches a new all-time high.

Remembering The Cryptocurrency’s Meteoric Rise To A Record Nearly $20,000

In late 2017, Bitcoin went from being virtually unheard of by the public, to a household name nearly overnight.

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Although the cryptocurrency had breached its previous all-time high in early 2017, it wasn’t until around Thanksgiving of that year when the world began buzzing about the price of BTC.

In that timeframe from January to November 2017, Bitcoin price had already risen by $9,000 to $10,000 – a level the asset is still contending with even now.

Related Reading | This Unusual Factor Could Reignite Crypto’s Notorious Volatility

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As soon as that level was broken, was when sparks began to fly, and serious FOMO kicked in. Retail investors rushed to cryptocurrency exchanges to find the next Bitcoin, buying up any shiny new altcoin launched as part of an ICO.

Valuations ballooned, but the bubble later popped, and Bitcoin and other cryptocurrencies began a bear market that’s still raging on even today.

It’s now been over 900 days since that last record was set, just under $20,000. And according to past data, there may be another year left before a new record is set. Perhaps even more.

bitcoin all time high
Source: BuyBitcoinWorldwide

Bitcoin Price May Not Set a New High For Years To Come

According to data from the last bear market cycle, Bitcoin price took 1,170 days in between setting each new all-time high.

If BTC follows a similar pattern and timeframe, it could be nearly another full year before the asset breaks its former record and sets a new high.

It is theorized, however, that as time goes by and the cryptocurrency becomes more widely adopted, volatility declines and each cycle lengthens.

The first-ever bear market cycle, took only 610 days to reach a new record. The second cycle appears to have nearly doubled the first cycle in length.

If the third cycle adds another roughly 600 days, Bitcoin price could spend another three years trading below its former all-time high.

bitcoin all time high

Even worse for crypto investors sick of waiting for the next bull market, is if the cycles are doubling in length after each new peak.

If that’s the case, Bitcoin price wouldn’t break $20,000 for over 2300 days, leaving nearly four years left of sideways price action.

Related Reading | Crypto Expert: Mentally Prepare, $10,000 May Take Another 100 Days To Break 

Crypto investors and traders are already tired and bored of BTC consolidating sideways for just over a month now, four more years of it is the ultimate “max pain scenario” you hear crypto traders talk about.

But this is Bitcoin, an unpredictable speculative asset with the ability to soar to enormous prices extremely quickly. All it will take is the right spark, and a new all-time high may be here sooner than expected.

Tags: All-time HighbitcoinbtcusdBTCUSDTcryptoxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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