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Bitcoin cycles
Where the current cycle stands against the earlier ones, how long the cycles lasted and how deep the bear markets went.
Cycle tracker
The current cycle compared with earlier ones, since the halving or since the all-time high. The current cycle is orange.
Since the halving: price as a multiple of the price on the halving day
Today is day 937 after the halving of 20 Apr 2024. The price is 1.1 times its value on the halving day.
| Halving | Price on the halving | On day 937 | Highest multiple |
|---|---|---|---|
| 2012 | $12 | ×20 | ×92 · Day 371 |
| 2016 | $652 | ×5.3 | ×30 · Day 525 |
| 2020 | $8’559 | ×2.0 | ×8.5 · Day 1’402 |
| 2024 | $64’938 | ×1.1 | ×1.9 · Day 534 |
Since the all-time high: distance to the high
The last all-time high was on 6 Oct 2025 at $124’673, 403 days ago. Today the price is 45 % below it.
| All-time high | On day 403 | Lowest point · day |
|---|---|---|
| Jun 2011 · $29 | −74 % | −93 % · Day 163 |
| Dec 2013 · $1’135 | −76 % | −85 % · Day 406 |
| Dec 2017 · $19’641 | −82 % | −84 % · Day 364 |
| Nov 2021 · $67’525 | −75 % | −77 % · Day 378 |
| Oct 2025 · $124’673 | −45 % | −53 % · Day 267 |
Cycle analysis
Every cycle on the same timeline, from its start: the price as a multiple of the price on the day it began. A top is an all-time high that stood for at least a year, a bottom the lowest close between two tops. The latest cycle is orange.
From the halving to the cycle top
The 4 finished cycles took 494 days on average (371 to 546).
| From | To | Days | Change |
|---|---|---|---|
| 28 Nov 2012 · $12 | 4 Dec 2013 · $1’135 | 371 | ×92 |
| 9 Jul 2016 · $652 | 16 Dec 2017 · $19’641 | 525 | ×30 |
| 11 May 2020 · $8’559 | 8 Nov 2021 · $67’525 | 546 | ×7.9 |
| 20 Apr 2024 · $64’938 | 6 Oct 2025 · $124’673 | 534 | ×1.9 |
From one cycle top to the next
The 4 finished cycles took 1’308 days on average (910 to 1’473). The current one began on 6 Oct 2025 and is on day 403: −45 % so far.
| From | To | Days | Change |
|---|---|---|---|
| 8 Jun 2011 · $29 | 4 Dec 2013 · $1’135 | 910 | ×39 |
| 4 Dec 2013 · $1’135 | 16 Dec 2017 · $19’641 | 1’473 | ×17 |
| 16 Dec 2017 · $19’641 | 8 Nov 2021 · $67’525 | 1’423 | ×3.4 |
| 8 Nov 2021 · $67’525 | 6 Oct 2025 · $124’673 | 1’428 | ×1.8 |
| 6 Oct 2025 · $124’673 | open, until today | 403 | −45 % |
From the cycle top to the bear-market bottom
The 4 finished cycles took 328 days on average (163 to 406). The current one began on 6 Oct 2025 and is on day 403: −45 % so far.
| From | To | Days | Change |
|---|---|---|---|
| 8 Jun 2011 · $29 | 18 Nov 2011 · $2.11 | 163 | −93 % |
| 4 Dec 2013 · $1’135 | 14 Jan 2015 · $176 | 406 | −85 % |
| 16 Dec 2017 · $19’641 | 15 Dec 2018 · $3’212 | 364 | −84 % |
| 8 Nov 2021 · $67’525 | 21 Nov 2022 · $15’784 | 378 | −77 % |
| 6 Oct 2025 · $124’673 | open, until today | 403 | −45 % |
From the bear-market bottom to the next cycle top
The 4 finished cycles took 981 days on average (747 to 1’067).
| From | To | Days | Change |
|---|---|---|---|
| 18 Nov 2011 · $2.11 | 4 Dec 2013 · $1’135 | 747 | ×539 |
| 14 Jan 2015 · $176 | 16 Dec 2017 · $19’641 | 1’067 | ×112 |
| 15 Dec 2018 · $3’212 | 8 Nov 2021 · $67’525 | 1’059 | ×21 |
| 21 Nov 2022 · $15’784 | 6 Oct 2025 · $124’673 | 1’050 | ×7.9 |
From one bear-market bottom to the next
The 3 finished cycles took 1’340 days on average (1’153 to 1’437). The current one began on 21 Nov 2022 and is on day 1’453: ×4.3 so far.
| From | To | Days | Change |
|---|---|---|---|
| 18 Nov 2011 · $2.11 | 14 Jan 2015 · $176 | 1’153 | ×83 |
| 14 Jan 2015 · $176 | 15 Dec 2018 · $3’212 | 1’431 | ×18 |
| 15 Dec 2018 · $3’212 | 21 Nov 2022 · $15’784 | 1’437 | ×4.9 |
| 21 Nov 2022 · $15’784 | open, until today | 1’453 | ×4.3 |
Bear markets and cycle tops
How far the price fell after each cycle top and how long it took to reach the old high again.
| Top | Low | Fall | Days to the low | Days from the low back to the top | Days in total |
|---|---|---|---|---|---|
| 8 Jun 2011 · $29 | 18 Nov 2011 · $2.11 | −93 % | 163 | 459 | 622 |
| 4 Dec 2013 · $1’135 | 14 Jan 2015 · $176 | −85 % | 406 | 771 | 1’177 |
| 16 Dec 2017 · $19’641 | 15 Dec 2018 · $3’212 | −84 % | 364 | 716 | 1’080 |
| 8 Nov 2021 · $67’525 | 21 Nov 2022 · $15’784 | −77 % | 378 | 469 | 847 |
| 6 Oct 2025 · $124’673 | 30 Jun 2026 · $58’628 | −53 % | 267 | not yet | 403 so far |
We count as a bear market a fall of at least 70 % from the all-time high whose low comes at least 90 days after the top. The last row is the current cycle since the last all-time high (lowest point so far).
How far each cycle top was above the trend and the floor, and how much it was from the previous bear-market low.
| Cycle top | Price | × trend | × floor | × from the previous low |
|---|---|---|---|---|
| 8 Jun 2011 | $29 | ×16 | ×37 | – |
| 4 Dec 2013 | $1’135 | ×11 | ×26 | ×539 (Nov 2011) |
| 16 Dec 2017 | $19’641 | ×6.3 | ×15 | ×112 (Jan 2015) |
| 8 Nov 2021 | $67’525 | ×2.8 | ×6.6 | ×21 (Dec 2018) |
| 6 Oct 2025 (so far) | $124’673 | ×1.5 | ×2.7 | ×7.9 (Nov 2022) |