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Analysing the history of the currency’s rise and the amount of time until it doubles, I wonder how long we will have to wait for more revelations regarding Bitcoin. That the price has doubled in the last 75 days is a fact. It is worth mentioning here that such results have caused many investors to move in the cryptocurrency market. 

What do analysts predict about Bitcoin’s growth?

According to many analysts, such an expansion may project another increase in the price of Bitcoin. CaseBitcoin notes that the fastest doubling time recorded during the current market cycle occurred on 7 January, when BTC jumped from $21,000 to $42,000 in just 22 days. 

The firm suggests that there are similarities between the January market action and that which occurred during August 2017 – the “middle bull market period of 2017.” At that time, Bitcoin’s price doubled in just 26 days to mark $5,000 for the first time, before falling 40% in the following weeks. Speaking about the recent run up, CaseBitcoin concluded:

Back in 2013, Bitcoin’s doubling time shrank to just four days within one week of the peak of the bull season. Many analysts believe the current bull market has more room to grow, with the founders of cryptocurrency data aggregator Glassnode sharing data showing that the decline in Bitcoin’s liquid supply – an estimate of how many coins are in free circulation and not blocked by “illiquid entities” – has accelerated since early 2021.

The data also shows that Bitcoin’s liquid supply has been falling significantly since April 2020, with Glassnode estimating that 78% of circulating BTC was already illiquid in December 2020.