Bitcoin Historical Analysis and Possible Price Predictions

Historical Graph

Hi Friends,

Today we will look into history of bitcoin price analysis and we will see the current predictions. Above image shows the price movement of bitcoin between 2013 and 2016. The price movement of bitcoin has took an exponential growth during late 2013 and it has corrected around 85-90% during late 2013 and early 2015. And it has consolidated during 2015 and 2016 showed some signs of growth. And 2017 showed some exponential growth. Before going to 2017 we will see the above chart analysis.

In the above chart the blue line represents the long term support and resistance line between 2013 and 2016. Alphabets shows the support and resistance during those periods. 430 has been the longest trend line during these period. Main point here is once it has come down at F it has tried to break that point at G, H, I and J . At point K it has comfortably crossed that point. But it took 20 months to cross that point comfortably. After crossing that 430 mark the bitcoin never looked back and with in 18 months it has grown 5000% which has touched 20000 mark at some point earlier this year.

Possibility 1:

In the current graph we have 70% correction which is 6000 mark and has been a long term support line. The above picture shows the first possibility of bitcoin if bitcoin did not broke the current support level 6000 mark. We will be having a short consolidation phase for around 6 to 9 months. And then there is a possibility of going upwards. The current graphs already shows that consolidation has already started at around May this year. But this statistics will be going to work only if bitcoin did not break support line at 6000. Just see below graph if bitcoin breaks the support line at 6000.

Possibility 2:

In this graph we can see the second possibility view which is extended bear market for bitcoin. If bitcoin breaks 6000 mark and if it confirms we will be having a consolidation phase of around 15 to 18 months. The trends might vary depends upon history. Traditional markets will have different perspective as they have long history and the trading time is very less compared to crypto markets. Generally no body was sure where is the exact low for the markets But compared with 2014 bear market the lows for current cycle will be near 2800 - 3000 which is nearly 85 to 86 % correction. We have only seen 70 % correction. There isn't any exact measure to calculate the lows. But we can expect the trends compared with history. And no two bear cycles will have the same history. That's the reason why I have given two possibilities for the current bear market.

The above information is for informational purposes based on my own views. I am not a financial advisor. So please do your own research before making any buy or sell decision.

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