According to a CryptoQuant analyst, the Bitcoin price top isn’t in yet if the pattern of past bull cycles holds any weight.
Bitcoin Might Reach A New ATH In This Cycle
As per a CryptoQuant post, it’s possible that Bitcoin hasn’t yet reached the cycle top, and that a new all time high (ATH) might be achieved soon.
There are two ways to define a cycle. The first is to make the initial point the BTC halving. Here is a chart that shows how the price of the coin moved in the 2012, 2016, and 2020 bull cycles based on this criterion:
Price vs the number of days after halving in the various bull cycles
As the above graph shows, the 2012 Bitcoin run showed a peak early in the cycle, and then later hit a larger one. This second peak took 371 days to reach.
Next is the 2016 BTC cycle that also followed a similar pattern