Could BTC be at the start of a three-year bull market?
Although the impressive Bitcoin rally of the last few months appears to have paused recently, we may still be at the start of a long-term bull market. One member of the crypto community pointed out an annual trend that promises good things for the next few years.
According to @CryptoMagical, the 2019 turnaround from the seemingly never-ending bear market of 2018 means that even more positive price action could be in store. The user points out that Bitcoin regularly comes back from seemingly huge losses, and the last time BTC saw a year of retracement, it was followed by two years of impressive gains.
#Bitcoin yearly returns:— Crypto Magical (@CryptoMagical) May 31, 2019
What can we learn from this data?
Never bet against bitcoin. $BTC
2013 was the biggest year for Bitcoin in terms of price growth, with the value increasing by over 55 times. After this, the top crypto saw a retracement of around 58 percent. This may have felt significant at the time, but in the scheme of things it appears to be a very minor blip.
After this bearish year, the BTC price went on to see progressively bigger gains for the next three years, with the bull run of 2017 increasing the Bitcoin price by almost 13 times up to its ATH. After such a bullish 12 months, 2018 saw a 73 percent dip in price.
Obviously, this type of analysis ignores a lot of context and isn't particularly technical or nuanced. However, with gains of 126 percent so far this year already, the bull market continuing until 2021 would herald a major new phase in the progress of BTC as an asset.
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