According to a recent report by Delphi Digital, Bitcoin’s price action and the structure of the crypto markets are starting to resemble the activity seen before previous bull runs. The report highlights the cyclical nature of the cryptocurrency market, with Bitcoin experiencing four-year cycles that include hitting a new all-time high, a significant drawdown, a bottom, a recovery period, and another price rally leading to a new all-time high. The report also notes the correlation between Bitcoin price peaks and changes in the business cycle, as indicated by the ISM Manufacturing Index. The analysis suggests that the current market environment shares similarities with the period between 2015 and 2017, indicating increased risk exposure and potential growth. The report predicts a new all-time high for Bitcoin by the fourth quarter of 2024, aligning with the expected timing of the next halving. Despite risks and uncertainties, the overall outlook for the cryptocurrency market in the next 12-18 months appears promising.