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Bitcoin headed to $173,000 this cycle?
Every Bitcoin bull market has multiplied the price from its low: 986x in 2010–11, then 543x, 114x, 21.6x, and 8.0x in the last cycle, from $15,669 to $125,651.
The multiplier shrinks each time as Bitcoin gets bigger, but it has never been small. If it shrinks this cycle by the same amount it did last time, it lands near 3x. From June’s low of $58,239, that’s about $173,000.
Bitcoin is at $72,600 today, only 1.25x off the low.
The returns are getting smaller. Every cycle, people take that to mean the run is over.
This is interesting
Buyers have outweighed sellers every hour since Nov 5.
ETFs pulled $1.3 billion last week and Bitcoin slid below $74K. But according to @glassnode, buy orders on Binance and Coinbase have outweighed sell orders every single hour since the Nov 5 sell-off, by about $92 million on average.
The last time sellers dominated like that was in August and September. Each time, the order book flipped back to buyers and Bitcoin climbed.
Funds are selling, but the order book is lined with buyers waiting for the dip.