Bitcoin’s market has seen quite a few flash crashes over the years. In fact, they’ve sort of become an inevitable tradition[1] at this stage. The one that took place on 7 September managed to instill fear and panic in the minds of relatively new market participants.
This, in turn, resulted in weak hands selling their HODLings. What did others do? Well, market participants who’ve seen such crashes in the past resorted to adding more coins.
So, is it already time to give up on Bitcoin?
Cycles exist in all markets. The Bitcoin market too, for that matter, is cyclic in nature. After every 210,000 blocks are mined [approximately every four years], the cycle changes. This is essentially marked by the halving event that takes place where miner rewards are cut by 50%. Every phase of every cycle thus far has been significant in its own way.
Hence, looking at the way bull markets have unfolded in previous cycles would give us a rough idea about what to expect this time around.
In 2013, it took almost 287 days for Bitcoin’s price to hit an ATH[3]. Similarly, in 2017, it took the market around 289 days to achieve the same feat. As far as this year is concerned, we’ve already crossed the 250-day threshold and are merely a month away from stepping into the 280-day phase. By and large, this means that the clock is ticking fast.
However, if the number of blocks since previous highs are to be considered, the Bitcoin market has additional time in hand. The crypto’s price peaked when it was around block number 50,000 in 2013, while it managed to pull off the same at around block 44,000 in 2017.
Now, as can be seen from
