Glassnode: The current trend of Bitcoin is similar to the midpoint of the 2015-2018 cycle, indicating that growth is still ongoing

According to The Block, data from Glassnode shows that Bitcoin’s current price movement closely resembles patterns from previous market cycles, particularly the 2015-2018 cycle.

Glassnode’s analysis of Bitcoin's historical market data highlights significant growth in the early cycles. The first cycle, which started with the Genesis Block in 2009 and ended in 2011, saw Bitcoin's price increase by 80.51 times. The subsequent 2011-2015 cycle grew by 55.30 times. However, more recent cycles, such as the 2015-2018 and 2018-2022 cycles, had more moderate growth rates of 2.80 times and 3.31 times, respectively. This reflects a diminishing return trend as Bitcoin matures as an asset class. In the latest report, Glassnode points out that the current cycle’s growth closely mirrors that of the 2015-2018 cycle. During the corresponding phase of the 2015-2018 cycle, Bitcoin surged by 562%. Today, it has increased by approximately 630% from the 2022 cycle low of $15,000, indicating the potential for further growth. However, the scale of future gains remains uncertain.

Alvin Kan, Chief Operating Officer of Bitget Wallet, made a speculative prediction, suggesting that if Bitcoin were to replicate the percentage increase of the 2015-2018 cycle, it could theoretically reach $1.7 million—a rise of 11,374% from the previous low. However, such predictions highlight the challenge of applying historical patterns to future scenarios. Kan emphasized that while historical cycles offer valuable context, the current market environment is fundamentally different.