Since Bitcoin (BTC) surpassed the $100,000 historical high, its price has recently experienced several weeks of downward adjustment. This has led many investors to question whether Bitcoin is still following the same market pattern as the 2017 bull market cycle.
 

Despite recent price corrections, data shows that the current Bitcoin price cycle is still highly similar to the 2017 bull market. At the beginning of this year, the correlation between the two cycles was as high as 92%. Although the recent price fluctuations have slightly reduced this correlation to 91%, it remains an exceptionally high number in financial markets.
 

The MVRV (Market Value to Realized Value) ratio is a key indicator of investor behavior. It measures the relationship between Bitcoin’s current market price and the average cost basis of all BTC on the network. When the MVRV ratio rises sharply, it indicates that investors are holding substantial unrealized profits, often signaling that the market is reaching its peak. When the MVRV ratio falls to the realized price, it indicates that Bitcoin's trading price is near the average buying price of investors, typically marking the market’s bottom.

Currently, the MVRV ratio is declining from its high, which closely mirrors the “uptrend—correction” pattern seen during the 2017 bull market, and the correlation remains above 80%.
 

It’s also important to note that Bitcoin's price is strongly influenced by global liquidity — the changes in the money supply of major economies. However, this influence usually takes about two months to reflect in Bitcoin’s price.
 

Analysis shows that if we adjust Bitcoin's current price trend by a 30-day delay, the correlation with the 2017 cycle can even reach a historic high of 93%. This suggests that the market may be on the verge of a strong rebound.
 

Although history does not always repeat itself, it often "rhymes." Whether the current cycle will ultimately result in a significant increase like in 2017 depends on various factors, including the global market environment, investor confidence, and macroeconomic policies.

— AccGn News Team