According to leading cryptocurrency analytics firm Glassnode, Bitcoin’s current bull market mirrors its trajectory from 2017 to 2021. James Check, a prominent analyst at Glassnode, recently shared a compelling chart highlighting Bitcoin’s price action over the past three years in comparison to previous epochs following all-time highs.

Remarkably, Bitcoin finds itself in a familiar position akin to December 2020, just before its meteoric rise to $64,000 in a matter of months. Fast forward to March 2024, approximately 35 months after its peak in April 2021, Bitcoin surged to a high of $74,000, experiencing a brief pullback reminiscent of past cycles.

But why April 2021? Glassnode emphasizes this month as Bitcoin’s true peak from an on-chain behavioral perspective. It was when long-term holders began offloading their coins, signaling a pivotal moment akin to previous market cycles.

Even more intriguing is the current scenario unfolding in the market. Long-term holders are gradually distributing their coins, with over 257,000 BTC being sold per month – a significant figure compared to previous market expansions. Surprisingly, even small-scale investors, colloquially known as “shrimps,” are starting to part ways with their holdings, despite their steadfast accumulation during the bear market.

Nevertheless, amidst these developments, confidence in the market remains palpable. Check describes the current bull market as one of the most “robust” in history, foreseeing a period of “chopsolidation” and bullish movements in the coming weeks to months.

Despite hitting a peak of $69,000 in November 2021, Glassnode contends that Bitcoin’s true zenith was reached in April of that year. This distinction is crucial from an on-chain behavioral perspective, as it aligns with the mass selling observed among long-term holders – a recurring pattern observed in previous cycles.

Recent data suggests that this selling pressure has once again resurfaced in 2024. Long-term holders are gradually offloading their holdings, albeit at a slower pace compared to previous market expansions. Even small investors, colloquially referred to as “shrimp,” are beginning to part ways with their Bitcoin holdings, signaling a shift in sentiment.

Despite these developments, analysts like Check remain optimistic about the market’s resilience. Describing the current bull market as one of the most “robust” in history, he anticipates a period of “chopsolidation” and “bull crabbing” in the coming weeks to months. This sentiment is echoed by investors and enthusiasts alike, who eagerly await Bitcoin’s next move.

Looking ahead, predictions abound regarding Bitcoin’s trajectory. Check boldly forecasts that Bitcoin could surpass $250,000 per coin by the end of the current bull cycle. Such projections fuel the enthusiasm of investors, driving renewed interest and investment in the cryptocurrency space.

Monday witnessed a notable surge in Bitcoin’s price, climbing over 4% to surpass $70,000 once again. This rebound comes on the heels of a recent pullback, coupled with significant outflows from the Grayscale Bitcoin Trust (GBTC). Interestingly, outflows from the ETF show no signs of abating, underscoring the dynamic nature of the cryptocurrency market.

Looking ahead, analysts predict that Bitcoin could reach dizzying heights, with projections exceeding $250,000 per coin by the end of the current bull cycle. Such optimism is reflected in Bitcoin’s recent surge, which saw a 4% increase in value, rebounding from a minor setback the previous week.

Interestingly, large outflows from the Grayscale Bitcoin Trust (GBTC) failed to dampen Bitcoin’s momentum, with the cryptocurrency market continuing its upward trajectory. Despite significant outflows, totaling $350 million, Bitcoin maintained its bullish momentum, suggesting resilience in the face of market fluctuations.

As Bitcoin’s bull run continues to unfold, investors and analysts eagerly await the next chapter in its storied journey. With historical precedents guiding their predictions and market dynamics evolving, the future of Bitcoin remains as fascinating and unpredictable as ever.