Definition. Price as a % of each cycle's bear-market low, with all cycles aligned at their low date. 100% marks the low itself; 300% means price stands at 3x the low. 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-low anchor and time-shifts it so all lows align:

• Cycle Performance = Price / Price at cycle low (log scale, percent)
• Anchor dates: 2010-07-17 (Genesis cycle, hidden by default), 2011-11-18, 2015-01-14, 2018-12-16, and 2022-11-22 (current cycle, black)

Interpretation. Aligning cycles at their lows exposes the shape and tempo of each recovery: how quickly price compounds off the bottom, where mid-cycle corrections cluster, and how far each expansion ultimately carried. Successive cycles have historically delivered progressively smaller multiples from the low — a structural compression of returns as the market's capitalization grows — so the current cycle's trajectory is best compared against the most recent one or two cycles rather than the early-history outliers. The comparison rests on a small sample of cycles, and low dates are only unambiguous in hindsight, so the current-cycle anchor is provisional until a macro regime is confirmed.

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