Bitcoin: Turning points, Gains/losses, and the 2013 ATH

In 2017, there were 13 turning points in the Bitcoin market from 1/4/17 to 12/22/17 that totalled $41,467.13.

Turning point (top to bottom, bottom to top):
#01. -34.09%
#02. 179.68%
#03. -33.98%
#04. 334.33%
#05. -38.59%
#06. 244.81%
#07. -19.64%
#08. 138.33%
#09. -40.32%
#10. 265.41%
#11. -29.57%
#12. 353.99%
#13. -43.25%

If you're looking at the above scratching your head, know this: turning point #12 is the jump to the All-Time-High.

The 300+% jump to the ATH wasn't rare in 2017.

A preceding 300+% jump occurred between the end of March and middle June. It took 79 days. The explosion in price that resulted in the ATH took only 35 days. Time and price were out of balance.

Notice that the turning points that occurred immediately after each 300+% jump was -38.58% and -43.25%, respectively.

The drop to $11,159.93 was a greater percentage drop than the one after the mid June high.

Further, the next move up from those two points show weakness in the market. The July to August move was up 90.37% more than the move from #13 to the early January high (not shown).

Does that mean Bitcoin is in bearish territory now? I went back and looked at the 2013 ATH of $1,163.00 to see how that first drop compared to the drop from the 2017 ATH. The market went from $85.00 in early October, 2013, to that ATH in only 59 days.

The market shaved 780.80 points or 72.43% of the gains made and did so in 18 days.

Fast forward four years, 17 days later and Bitcoin records a market high. This high took only 35 days and from that 12th day of November, price ballooned $14,110.45. It took only five days to obliterate $8,506.07 or 60.28% off the chart from the previous move. I don't believe any one can conclusively say a bear market has began at this point but watch the number of days from turning point to turning point and the percent in gains/losses compared to previous market legs.

There's really no comparison of the data mention above concerning the market legs in 2013 and 2017 with its respective highs because 2013's leg increased 1,368.24% compared to 2017's smaller multiple of 353.99%.

Had 2017's market leg increased like 2013's did we would have experienced a price equal to $76,013.00.

So, these two markets are not equal in that respect.

The above isn't exhaustive nor meant to be the final authority on the subject. The above is only the Author's opinion and no part of this article is meant to influence any person or legal entity to execute a financial transaction in the Bitcoin or cryptocurrency market howsoever the term "bitcoin" "cryptocurrency" or "market" may be legally defined.

This above article contains only the view and opinions of the Author.

Do your own research.