Despite this week’s sell-off, onchain and technical data highlight an encouraging shift in the Bitcoin market.
Bitcoin’s recovery to $66,000 saw it set a new higher high for the first time since the $73,835 all-time high set in March. Although Bitcoin price dropped under $60,000 this week, Glassnode says multiple onchain metrics that the market might be “approaching a phase shift.”
This recovery, which has seen Bitcoin (BTC) rally as much as 26.5% from a low of $52,550 on Sept. 6 to a three-month high of $66.508 on Sept. 27, displays uncanny similarity to previous cycles, with the price trading in a nearly identical position.
“Both the 2015-16 [blue line], and 2019-20 [green] periods have traded in an oddly similar manner to the recovery seen in 2023-24 [black],” Glassnode analysts said in an Oct. 2 report.
