Bitcoin breaks historical high, will the bull market cycle play out again?
On May 22, the price of Bitcoin surpassed $110,000, setting a new historical high since January 20. This scene inevitably reminds one of the moment in November 2021. At that time, Bitcoin quickly fell back after briefly crossing the early year's peak, marking the beginning of a long and profound bear market cycle. Now, the market seems to be pushed to a turning point of fate once again: Will it break through again, opening new upward space, or will history repeat itself, falling into a double top pattern after a false breakout, ultimately leading to a significant correction?
This is a question that Bitcoin inevitably faces whenever it approaches historical highs. In the past several bull markets, we have repeatedly seen similar structures: the climax arrives, market sentiment is exuberant, and discussions about whether the cycle peak has been reached arise one after another. In this round, although the upward momentum and rhythm feel somewhat familiar, the deeper market structure has significantly changed.
Prices are replaying, but the market is no longer what it was yesterday. In this context, should we continue to believe that the cycle brought about by halving still dominates Bitcoin's fate? Or should we acknowledge that a new rhythm has quietly unfolded in ETF funds, on-chain structures, and macro narratives?
Returning to the most fundamental observational methods, perhaps on-chain data, historical mirrors, and traces of behavior can still provide us with some cyclical insights. Is the current wave of increase merely the final sprint of cyclical inertia, or a new starting point after reconstructing the cyclical structure? Perhaps the answer lies within the context of the data.
#BTC
On May 22, the price of Bitcoin surpassed $110,000, setting a new historical high since January 20. This scene inevitably reminds one of the moment in November 2021. At that time, Bitcoin quickly fell back after briefly crossing the early year's peak, marking the beginning of a long and profound bear market cycle. Now, the market seems to be pushed to a turning point of fate once again: Will it break through again, opening new upward space, or will history repeat itself, falling into a double top pattern after a false breakout, ultimately leading to a significant correction?
This is a question that Bitcoin inevitably faces whenever it approaches historical highs. In the past several bull markets, we have repeatedly seen similar structures: the climax arrives, market sentiment is exuberant, and discussions about whether the cycle peak has been reached arise one after another. In this round, although the upward momentum and rhythm feel somewhat familiar, the deeper market structure has significantly changed.
Prices are replaying, but the market is no longer what it was yesterday. In this context, should we continue to believe that the cycle brought about by halving still dominates Bitcoin's fate? Or should we acknowledge that a new rhythm has quietly unfolded in ETF funds, on-chain structures, and macro narratives?
Returning to the most fundamental observational methods, perhaps on-chain data, historical mirrors, and traces of behavior can still provide us with some cyclical insights. Is the current wave of increase merely the final sprint of cyclical inertia, or a new starting point after reconstructing the cyclical structure? Perhaps the answer lies within the context of the data.
#BTC
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