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On January 21st, CoinDesk analyst James Van Straten wrote that if BTC continues to follow the cycle of 2017, it may surpass $1 million by the end of the year. Currently, BTC's price has pumped about 550% from the cycle low, a performance consistent with previous cycles.
In the discussion about BTC, the analysis of the four-year cycle has attracted much attention. This cycle revolves around the halving mechanism of BTC, which reduces the supply once every four years. Usually, in the year following each halving, the price of BTC will experience a significant pump. Currently, this cycle continues to exhibit a similar trend to the previous two cycles.
As of now, the price of BTC has pumped about 550% from the cycle low point (15,500 US dollars) at the time of the FTX collapse. Data shows that in the current cycle, BTC's performance is similar to the period from 2015 to 2018.