The chart basically showcases two red lines between the first rally to the all-time high and the correction period. Bitcoin does seem to follow a similar trend after peaking at the end of 2017 at around $20,000.
It would seem that BTC needs to see an even stronger pullback before attempting to crack astronomical levels. However, as we mentioned above, the increasing interest from institutional investors and big names like Square and Stone Ridge is basically creating a new market.
We could very easily see Bitcoin simply continue climbing higher and reaching greater heights by the end of the year, despite only suffering one major 17% pullback. It’s also important to note that contrary to what happened in 2017, this rally has been far more balanced and quiet without too many crazy 20-30% days.
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