Bitcoin could be heading for a breakout to new record prices, based on previous cycle's price action.has been stuck in a grueling, multi-month correction since hitting $73,000 in March, convincing many investors that the market top is already behind.
Despite bitcoin's anemic performance since March, it's still up 290% from its November 2022 market bottom, in line with the previous two bull markets during the same period, Glassnode data shows. At this point in the four-year cycle, BTC advanced 309% during the 2015 to 2018 bull run and 251% in the 2018 to 2022 cycle.
The halving event happens automatically every four years and reduces by 50% the issuance of new tokens, which is widely believed to impact bitcoin's supply to create scarcity.
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