Bitcoin 13% Away From Valuation Threshold; Major Rallies Followed Breakouts in Past Cycles

According to Glassnode, Bitcoin is 13% away from crossing its long-term valuation line; in the previous three cycles, most of the rally came after this threshold was crossed.

In the last three cycles, Bitcoin’s strongest rallies occurred after its price first closed above this line. The cycle peak typically came more than a year after this first close.

How did Bitcoin rallies unfold in previous cycles?

The chart shows that from the first close to the cycle peak, the price rose 32x, 7.8x, and 3.3x, respectively.