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At more than $111,000 recorded in May, the price of Bitcoin continues to show signs of a merger. At the time of writing, the asset traded at $104,851, down 0.3% in the past 24 hours, down about 6.3% from its recent peak.
As analysts check whether the current bull cycle starts to shift gears or just experiences temporary pauses, the period of relative price stability comes from cautious sentiment throughout the wider crypto market.
Crypto Dan, a crypto contributor, released a comparative analysis of current and past market cycles and pointed out several different behaviors in Bitcoin’s recent price action.
Dan is similar to the Bull Run in 2017 and 2021, but Dan believes that despite the similarities, the current cycle has developed unique features. These changes may mark market performance, especially in terms of time and investor participation.
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Comparing Bitcoin Cycle: 2024–2025 is different from historical mode
According to Dan, previous cycles have seen more predictable corrections and assembly. In 2017, Bitcoin experienced a relatively short correction before attending an extended rally that ended in late December of that year.
The 2021 cycle was affected by the 1921 pandemic, with longer initial corrections and then longer corrections before a strong surge in rise. In both cases, once Bitcoin gains momentum, corrections become more frequent and lasts shorter.
So far, the current cycle spanning 2024-2025 is marked by alternating gatherings and sudden declines, usually occurring in a short period of time.
These patterns suppress broader market sentiment, especially during the Bitcoin period when Altcoins is clearly showing. Dan believes that these repeated callbacks may not be purely organic.
Instead, they can indicate intentional suppression by large players, with the aim of extending the duration of the cycle and preventing overheating. If this explanation holds true, the bull cycle may not end with a gradual fade, but rather a sharp peak driven by euphoric buying behavior.
Retail activity declines as institutions drive market structure
Since Bitcoin hit a high price of $111,000 in late May, CryptoQuant’s Burak Kesmeci’s separate analysis focuses on the behavior of retail investors. Data shows that retail transfers, transactions worth between $0 and $10,000, have dropped from $423 million to $408 million.
In addition, the 30-day change in retail demand has slipped into negative areas, shifting from +5 points to -0.11 points. This reduction in retail activity suggests that smaller investors remain sensitive to short-term volatility in response to recent price corrections.
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Kesmeci believes that consistent participation in the retail sector is crucial for maintaining momentum in the bull cycle. At present, institutional interests appear to be the main source of demand. The difference between these two investor classes may affect how the next Bitcoin market cycle develops.
Feature images created with DALL-E, TradingView’s chart
