Hedge fund founder Robert Breedlove believes that the Bitcoin slump may soon be over. Thanks to some retrospective analysis of previous booms and busts, the CEO of Parallax Digital concludes that the world may be on the cusp of entering a “super-cycle”.
The flagship cryptocurrency rallied aggressively on Wednesday, though, if you zoom out, the larger trend still remains quite muted. According to Breedlove, Bitcoin’s fall from grace in December 2013 registered a scary (but customary) drop of 85% from a peak of $1,184. It plummeted to just $166 a year later.
After almost touching a mind-blowing $20,000 a coin in December 2017, a similar drop took place last year. The move from $19,290 down to $3,320 is almost exactly the same in percentage terms coming in at 83%.
If we zoom out a little, the last two years have been pretty average. Let’s be honest, sideways markets are no fun for Lambo-lusting investors. But they do provide plenty of opportunities to stack sats in anticipation of the next parabolic rocket.