"Bitcoin bull cycle not over... Only 63% increase after halving"

LEE SANG YUN

Summary

Bitcoin has only risen 63% since the halving, and analysis suggests the bull cycle is not over.
MicroStrategy continues to purchase Bitcoin, which is expected to increase the possibility of Bitcoin spot price appreciation.
Macro factors such as the Ukraine ceasefire are expected to have a positive impact on Bitcoin and risk asset markets.

An analysis suggests that Bitcoin (BTC)'s halving cycle rally is not over yet.

On the 17th (local time), CryptoQuant contributor oinonen_t stated that "while Bitcoin still has potential for correction," he emphasized that "the halving cycle rally is not over yet."

He noted that "Bitcoin rose a total of 686% after the 2020 halving until November 8, 2021," while "since last year's halving, Bitcoin has only risen 63% compared to its peak." He added that "according to Bitcoin's power law model and diminishing returns principle, price increases gradually decrease with each halving," but maintained that "since Bitcoin has only risen 63%, there is still sufficient room for growth."

He also mentioned MicroStrategy's Bitcoin purchases and the ceasefire. oinonen_t stated that "MicroStrategy continues to purchase Bitcoin," suggesting that "this will increase the possibility of Bitcoin spot price appreciation." He added that "macro situations like the Ukraine ceasefire are positive for Bitcoin and risk asset markets."

Meanwhile, today the United States and Russia began ceasefire negotiations for the Ukraine war in Riyadh, Saudi Arabia. U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov were among the attendees.