Bitcoin shows similar patterns to the 2015-2017 bull cycle

The cryptocurrency recovered after a correction of more than 20% and reached almost $74,000 in March 2024.

The cryptocurrency reached $72,000 on May 21, now trading at around $69,000.

On-chain analytics platform Glassnode, on the other hand, noted that the drawdown patterns in the 2023-24 uptrend are similar to the 2015-17 bull market.

Unlike the past, the current bull market is bolstered by the introduction and inflows of US spot Bitcoin ETFs.

ETF inflows have now increased to an average of $210 million per day

This therefore indicates a robust reaccumulation phase and contrasts with the daily selling pressures caused by Bitcoin mining.