If we index the Bitcoin price performance (black) since the Ap | Glassnode

If we index the Bitcoin price performance (black) since the April 2021 ATH (where we argue bear market sentiment set in), we can see a remarkable similarity to the prior cycle (blue).

By both duration and distance from the April 2021 peak, the market is in a near identical spot to December 2020 relative to the 2018-21 cycle.

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