![]() In January 2021, the bitcoin price reached its first local top of its bull cycle, during which several on-chain trends changed. Bitoin’s full 2021 price history (on Kraken) is displayed in figure 1. It closed the year at a price of $46,150, which is a $18,804 (68.8%) increase since the start of the year. ![]() Hopes were very high, which was largely driven by the institutional fear of missing out (FOMO) that Michael Saylor and MicroStrategy triggered, in combination with PlanB’s Stock-to-Flow (S2F) and S2F Cross Asset (S2FX) models that predicted a price of around $100,000 and $288,000, respectively.īitcoin never saw those prices in 2021 but did set a new all-time high at $68,991 (on Kraken) in November. The bitcoin price opened the year at $27,346 (on Kraken) and actually never looked back. ![]() ![]() This eighth edition provides a year in review for 2021 and then assesses what current trends look like going into 2022. Cycling On-Chain is a monthly column that uses on-chain and price-related data to better understand recent bitcoin market movements. ![]()
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