BITCOIN price is similar to 2013!!!
Bitcoin experienced similar price changes in 2013/14 as in 2017/18.
There are quit few similarities or at least things to look at and compare with the situation that we are in now.
In 2013 bitcoin went up almost 2000%. In 2017 it went up 2100%. The only difference is that while in 2017 it took 260 days, in 2013 it was only 150 days which is almost 2x shorter time period. In my opinion this is caused by the amount of traders who got onto bitcoin in 2017 and thanks to that the price movement is more algoritmical than it was in 2013 were just few people who new what bitcoin is bought it.
The correction in 2014 took more than 600 days to completely bottom out and 130 days to go down 70%. In 2018 70% price drop happened just within 50 days and I think it haven't hit its bottom yet. I can see bitcoin going lower and settle somewhere between 3000- 5000 USD. After that it will go up of course!!!
Simply said I think that the price changes overlay each other and can help you understand the price movements better but today it is traded more algoritmically than in 2013/14 because everything is speeded up thanks to more people trading it and ivesting in it.
2014
2018
Well that fucking sucks... And I thought today couldn't get any worse...
Chill it will go up eventually and much more than it did today!! Just buy some silver instead while its cheap...
https://steemit.com/silver/@mischaro/silver-extremely-undervalued
What do you think the lowest price will be before it goes up? And when do you think it will go up? Thanks
📉 94% drop in 2011 - $32 to $2 Reason: Mt Gox hack
📉 36% drop in 2012 - $7 to $4 Reason: Linod hack
📉 79% drop in 2013 - $266 to $54 Reason: Mt Gox stopped trading
📉 40% drop in 2017 - $5,000 to $2,972 Reason: China Ban
📉 55% drop in 2018 - $19,000 to $8,500 Reason: Regulations & FUD
💰 The market is all about moving 💲 from the impatient to the patient. 🤑🙏🏼🔝 Most people see crash, few people see opportunity!
I’m beginning to wonder if bitcoin might confound everyone and just trade sideways out of the apex! Bulls and bears alike would be pissed! Check out my note here