As BTC continues brushing against ATH’s, its worth taking a short trip down memory lane to refresh ourselves on what we’ve seen before.
In 2020, it took BTC several attempts before it finally broke through the 2017 cycle highs at ~$20K before its meteoric rise. In reality, these several attempts took nearly an entire month before resolving upwards, and was met with one or two decent sized flushes along the way.
As of now, we’ve seen a very similar situation begin to play out on BTC, with the first breakout attempt being met with an immediate 9% flush out. Since then, BTC as retraced the entire drawdown and finds itself teasing the ATH breakout once again.
There is one very big difference between this cycle and last; the ETFs. In a previous Alpha Feed post, we noted the importance of ETFs and what it means for the Coinbase premium, something that we are continuing to see persist.
We continue to see constructive ETF flows as well, which bodes incredibly well for markets in the short term.
The ATH breakout in 2020 took nearly a month, but given prevailing evidence, could 2024 be indicating a more accelerated timeline? Time will tell.
