In this article, we’re going to look at the previous spikes of Bitcoin (BTC) and analyze how long it took to form.

In 2011, 2013 and 2017 the price fluctuated around the highest range of 1-4 days. In contrast, BTC has been near its current high for at least nine days and up to 58 days depending on the metric.

BTC spike in 2011

We assume that the price will remain in the upper range as long as it is no more than 10% lower.

The high point in 2011 lasted less than 3 days. BTC hit a high of $ 31.9 on June 8th. It continued to trade at the same level the next day before crashing on June 10th.

This is in line with the textbook toping rule, which marks the end of the previous upward trend and the beginning of an extended correction phase.

BTC / USD daily chart | Source: TradingView

BTC spike in 2013

There were two peaks in 2013. The first peak was created on April 11th for $ 268.67 and only lasted one day. The next day there was a sharp decline and the high has not been broken for more than five months.

The second BTC top was created on November 30th at $ 1,177. While falling the next day, it tested that level again on December 4th.

So it took four days. Then there was a very serious correction.

Both vertices follow the textbook vertex creation rule.

BTC / USD daily chart | Source: TradingView

2017 – now

The 2017 BTC peak was created on December 17th at $ 19,764. The climax lasts three days; one before and one after December 17th. A sharp decline followed on December 19 and began a very long correction.

BTC / USD daily chart | Source: TradingView

Using the 10% volatility threshold, the 2021 high is not the same as the previous four highs.

The current all-time high of April 14th is $ 64,840. It took a total of nine days, six days before and three days after. However, it took nine days when only consecutive days were measured.

BTC hovered around 10% above its high for a period of 58 days, from March 14th to May 10th. Even the February high is only 11% below the current all-time high.

BTC / USD daily chart | Source: TradingView

Given the amount of time BTC has been trading near its all-time high, the most recent high may not be the highest of this cycle. That means that BTC could move up and hit a new all-time high before this cycle ends.

Disclaimer of liability: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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