This chart analyzes the return, duration, and volume of the prior two BTC cycles (2013 & 2017). The current 2020 BTC mid-cycle crash draws similarities to the 2012-13 super cycle. In 2013, we saw a mid-cycle crash (April 9, 2013-July 6 2013) that saw a -71% drawdown from local top to local bottom. From the local bottom (July 6, 2013) to cycle peak (November 29, 2013) BTC returned 16x. In order for BTC to replicate the mid-cycle surge from 2013, we will need a major bullish catalyst. Inflows of institutional and corporate capital are two major catalysts to watch for. With that said, potential government regulation or interference (like China) will likely prove to be a major bearish catalyst.
BTCUSD
BTCUSD