So, 2023 has been pretty epic for Bitcoin. It’s like Bitcoin woke up and decided to flex its muscles big time. We’re talking a massive leap, over 140% in value – that’s huge! It’s not just about topping traditional rivals like gold; it’s also about leaving other cryptocurrencies in the rearview mirror. Let’s dive into the on-chain action and the exchange buzz, trying to piece together clues to see what Bitcoin might be up to in the coming year.
Bitcoin’s Blast from the Past
According to Glassnode’s report, we’re seeing a déjà vu with Bitcoin cycles in 2015-2017 and 2018-2022 in terms of how long it’s taking to bounce back and the drawdown since the all-time high (ATH).
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