Glassnode Founder Rafael Puts Bitcoin Drawdown at 34.8%

Glassnode founder Rafael put Bitcoin (BTC) 34.8% below its cycle peak in a comparison with earlier market cycles. The comparison uses the point 13 months after the peaks of the 2013, 2017 and 2021 cycles; it does not establish that the current cycle was at the same age when the 34.8% figure was measured.

At the 13-month mark in those earlier cycles, Bitcoin’s drawdowns were 71.0% in 2013, 79.5% in 2017 and 74.6% in 2021. Each was larger than the 34.8% figure in Rafael’s comparison.