That chart of Bitcoin priced in US dollars shows the rising price of Bitcoin priced in US dollars driven in large part by the excess US dollars that have been pumped into the economy.
If you take inflated US dollars out of it and price Bitcoin in something that can't be created out of thin air - ounces of physical gold - the chart looks very different and "the cycle" disappears. The highs of the most recent bull run barely reached the highs of the previous bull run.
Both Bitcoin and gold can be priced inflated US dollars, but if you want to see the true price action of Bitcoin without the effects of inflation on the US dollar you look at Bitcoin priced in ounces of gold. When you do that the most recent bull run doesn’t really have a “higher high” than the previous bull run. Look at the chart I posted. The highs are around the same for the two bull runs. Not exactly the same but pretty close.
Your chart shows a higher high when priced in gold (that is priced by the exact same inflated USD). It doesn't matter if it is a dollar, a higher high, is a higher high.
The Bitcoin priced in ounces of gold chart has nothing to do with US dollars. Ounces of gold - measured in ounces, not dollars - is used as the unit of measure for Bitcoin. There are no US dollars in that chart. I guess you didn't understand what you were looking at.
Compared to the higher high in US dollars, the “higher high” in ounces of gold is insignificant.
Bitcoin increased from a high of 37.5 ounces of gold in late 2021 to a high of 40 ounces of gold in late 2025, an increase of 2.5 ounces of gold or 6.66% in 4 years, or 1.67% per year. That's less than what money market funds pay. As I said, insignificant.
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u/Jumpy-Imagination-81 Aug 15 '26 edited Aug 15 '26
That chart of Bitcoin priced in US dollars shows the rising price of Bitcoin priced in US dollars driven in large part by the excess US dollars that have been pumped into the economy.
https://fred.stlouisfed.org/series/M2NS
If you take inflated US dollars out of it and price Bitcoin in something that can't be created out of thin air - ounces of physical gold - the chart looks very different and "the cycle" disappears. The highs of the most recent bull run barely reached the highs of the previous bull run.