Crypto Cycle ‘Spookily Similar’ to 2017
The current crypto market is mirroring the pattern seen in 2017 when Bitcoin posted a steady uptrend throughout the year before skyrocketing in December, says crypto research platform Real Vision CEO Raoul Pal.
“It’s spookily similar to 2017,” Pal said in a video on Thursday. Pal said he is starting to forecast a longer crypto cycle this time around given that the business cycle score — a macroeconomic model he uses to track where the global economy is in the broader cycle — is “still below 50” and it generally “takes a while to climb up.”
Macro data the catalyst behind extended crypto cycle
Bitcoin (BTC) started 2017 trading around $1,044 before reaching $2,187 by May 31 and closing the year at $14,156, an approximate…
