A quant has pointed out the similarities between the 2017 and 2021 Bitcoin cycles, something that could hint at how the rest of this bear market might play out. Both 2017 And 2021 Bitcoin Cycles Saw New Lows Around The 365-Day Mark Since The Top As explained by an analyst in a CryptoQuant post, the two cycles are more similar than one might expect them to be. The indicator of relevance here is the “drawdown from ATH,” which measures the percentage decrease in the price of Bitcoin following the all-time high during each cycle. Here is a chart that shows the trend in this metric for the 2017 and 2021 cycles: Looks like the current cycle hasn't gone as deep as the previous one yet | Source: CryptoQuant In the above graph, the start point for the 2017 Bitcoin cycle drawdown is in the December of 2017, when the all-time high of the period was set. Following this top, the price of the crypto took a sharp plunge until around when the drawdown from the ATH had reached a value between 65-70%. Related Reading: Smoo ..
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