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Bitcoins progress tracker, CaseBitcoin has published an analysis on the doubling time taken by the token and the pace of price acceleration.
In the last 75 days, the price of Bitcoin has doubled. Now, does this mean the market is approaching overextension, well some analysts anticipate so.
The market-leading cryptocurrency is said to be moving fast, “but how fast is too fast” and what about the doubling time, questions and provides analysis of the tracker Casebitcoin.
2021 Market Looks the Same as the 2017 Market?
Casebitcoin draws a comparison with the 2017 price surge, in 2017 the doubling pace was just 12 days in the peak of its bull run. This could mean the bitcoin market now could fuel further rapidly.
This year on Jan 7th the BTC price was $21000, very rapidly in the next 22 days rising to $42000. Which is the fastest doubling time recorded.
“Generally, the last few months look like that middle period of the 2017 bull market, with doubling times mostly under 100 days, but never under 20”
This present doubling in just 22 days draws its parallel to the August 2017 market, when the price doubled in just 26 days. Analysis suggests.
Going back to the time capsule, in 2013 the doubling time was just four days, within one week of a massive bull run.
“It’ll be interesting to see if doubling-times as fast as the end of 2013 and 2017 cycles happen this time around too” analysts further said.
It is being said the bull market has the potential to grow further. Recently the Co-founders of Glassnode(crypto data aggregator) took to Twitter, sharing data of decline in Bitcoin’s liquid supply has increased since the beginning of the year.
It has been noticed that Bitcoin’s liquid supply has been falling since April 2020 and according to Glassnode’s estimation, 78% of circulating BTC was illiquid by December 2020.