Bitcoin is experiencing market volatility amid rising geopolitical tensions between Israel and Iran, which have unsettled financial markets globally. After dipping below $103,000 on Friday, the cryptocurrency has stabilized in a consolidation range between $105,000 and $106,000.
Analytics firm Glassnode provided insights into Bitcoin’s current bull cycle on June 14, comparing its price growth to previous cycles. Bitcoin’s market cycles, which typically last four years, involve phases of accumulation, bull markets, distribution, and bear markets.
In past cycles from 2015-2018 and 2018-2022, Bitcoin’s prices jumped 1,076% and 1,007%, respectively. The current cycle starting in 2022 shows a 656% increase so far. Although lower than previous gains, this performance is notable given Bitcoin’s maturation, institutional adoption, and a market valuation near $2 trillion.
Glassnode highlights that as an asset matures, exponential growth often slows, similar to gold’s approximate 192% rise over the past decade. Therefore, Bitcoin’s sixfold growth since 2022 indicates sustained market demand despite its expanded market cap.
At the time of writing, Bitcoin trades at $105,540, up slightly by 0.20% over 24 hours, while daily trading volume has declined by 35.39%, signaling reduced market participation.
Additionally, analytics firm Sentora reports a 3.31% drop in weekly Bitcoin network fees amid ongoing geopolitical concerns and market uncertainty. Exchange inflows surged by $2.4 billion, suggesting many investors are offloading holdings as Bitcoin struggles to regain upward momentum.
Since reaching a new all-time high of $111,891 on May 22, Bitcoin has seen a correction with prices dipping below $101,000 amid adverse micro-economic factors. Nonetheless, investor sentiment remains positive, with the Fear & Greed Index at 63, indicating a solid level of market greed.