Bitcoin has shot up this month after a prolonged period of consolidation as the Fed nears the tail-end of its tightening cycle. A similar macro picture existed during the 2019 rally. reports godbole17
) could be positioning for a big move higher if history is any guide, with a recent upswing paralleling the bull revival of mid-2019 that saw the price surge by almost 250%.
The conditions echo those that preceded bitcoin's bull revival in the second-quarter 2019. Then, the price surged 247% to $13,800 as the Fed's tightening cycle peaked. The Fed's previous tightening cycle lasted three years, starting December 2015 and ending December 2018 and lifted the benchmark borrowing rate to the 2.25%-2.5% range. Last year, the central bank raised the benchmark borrowing rate from 0% to 4.25%.
Bitcoin's market action since July looks eerily similar to the moves witnessed from late November 2018 to early April 2019.bitcoin's record of bottoming out 17 months ahead of the mining reward halving and rallying in the year leading up to the event. Bitcoin's fourth reward halving, a programmed code reducing the pace of supply expansion by 50% every four years, is due around March or April.
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