Bitcoin Nears Breakout After 162 Days Since ATH... Considering Previous Cycles

IconCryptoNewsTerminal Staff23 Aug, 2024

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Bitcoin Nears Breakout After 162 Days Since ATH... Considering Previous Cycles

CryptoQuant contributor Alex Adler Jr. reported via X that "Bitcoin is now 162 days removed from its ATH. In previous cycles, it took 209 and 188 days, so we’re getting very close to the typical ATH recapture period now." This suggests that Bitcoin may be poised for a breakout in the near future. Of course, past performance is not indicative of future results, but it is worth noting that Bitcoin has historically tended to follow a cyclical pattern. If Bitcoin does indeed breakout, it could have a significant impact on the wider cryptocurrency market. Bitcoin is the dominant cryptocurrency by market capitalization, and its price movements often have a ripple effect on other coins. It is important to note that this is just one analyst's opinion, and it is always wise to do your own research before making any investment decisions.

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