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Bitcoin Doubled in 75 Days – Has the Price Risen Too Much?

Bitcoin (BTC) price has doubled in the past 75 days, prompting some analysts to question whether the price has risen too much.

However, a historical analysis by the Bitcoin monitoring team CaseBitcoin reveals that the Bitcoin price may go higher. CaseBitcoin announced that the time it took for the Bitcoin price to double fell to 12 days just before the 2017 bull market peak.

CaseBitcoin said the fastest doubling period recorded in the current cycle was seen on January 7, with BTC rising from $21k to $42k in just 22 days. 

The company pointed out that there are similarities between the market behavior in January and the market behavior in August 2017, the mid-term of the 2017 bull market. Bitcoin price doubled in 26 days, reaching $5,000 for the first time in history, and lost 40% in the following weeks. CaseBitcoin, addressing the current rise, summarized:

The past few months are similar in general to the mid-2017 bull market. At that time, the time it took for the BTC price to double was generally under 100 days, but never below 20.

“It will be interesting if we can see doubling times as fast as in the 2013 and 2017 cycles,” analysts added.

In 2013, the doubling time of the Bitcoin price dropped to four days during the peak of the bull market.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

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