Definition. Price as a % of each cycle's all-time high, aligned at the ATH date. Readings below 100% are drawdowns (52% means price is at 52% of the ATH, i.e. -48%); crossing above 100% marks new all-time-high territory. The palette is recency-anchored: the current cycle is black, with older cycles in progressively lighter colors (blue, green, amber, red).

Technical. Each trace rebases price to its cycle-ATH anchor and time-shifts it so all ATHs align:

• Cycle Performance = Price / Price at cycle ATH (log scale, percent)
• Anchor dates: 2011-06-08, 2013-11-30, 2017-12-16, 2021-04-13, and 2025-10-06 (current cycle, black)

Interpretation. Anchoring at the ATH turns each cycle into a drawdown-and-recovery profile: the depth of the ensuing bear market, the duration spent underwater, and the time taken to reclaim the prior high. Historical Bitcoin bear markets have bottomed in the region of -75% to -93% below their ATHs, with more recent cycles exhibiting shallower drawdowns — consistent with a maturing market. The comparison also highlights how long each cycle needed to convert its prior peak into a floor; crossings above 100% have historically been followed by the steepest phase of the bull market as price entered untraded territory. As with all cycle overlays, the sample is small and anchor choices (e.g. double-peak cycles such as 2021) affect the framing.

Notes. Companion views: Price Performance Since Cycle Low and Price Performance Since Halving. The Ethereum twin is ETH Price Performance Since Cycle ATH. Built from Price.