Compare Bull Markets Explained

The Compare to Bull Markets chart displays historical bitcoin price data on a timeline of days since each of the block reward subsidy halvings on the x axis. These are known as ‘eras’. Each era represents the series of days within a block reward subsidy. Each new halving of the block reward subsidy marks the start of a new era.

- Era 1 represents the days in bitcoin’s history when the subsidy was 50 bitcoins
- Era 2 represents the days in bitcoin’s history when the subsidy was 25 bitcoins
- Era 3 represents the days in bitcoin’s history when the subsidy was 12.5 bitcoins
- Era 4 represents the days in bitcoin’s history when the subsidy was 6.25.
- Era 5 represents the days in bitcoin’s history when the subsidy was 3.125. This is the current era.

The y axis represents the price of bitcoin on one of these days, but then scales the prices of each previous era to show what similar moves in price would look like if using current era price data.

How to Interpret the Compare Bull Markets Chart

With these adjusted price charts from previous eras, we can get a picture as to what historical moves would like today. The idea is to find any similarities in movement in relation to the days since the halving. We can also determine how many days, on average, after a halving that a bull market reaches a new all time high. By looking at previous era, we get a sense of past patterns and see if previous eras outperform the current one.