Today we are going to compare Bitcoin’s 2013 longest bear trend to the ongoing bear trend running for almost 7 months. I hope you will find this article interesting because if history tends to repeat itself, then this is Bitcoin’s history and this will be its future.
In 2013, we witnessed steady growth in Bitcoin, which was trading at around 100 USD.
In November and December, prices spiked from 100 to 1,200 USD in just two months.
This is where most people called it a bubble, which will eventually pop.
However, when we compare this to last year’s prices, we find interesting similarities.
In 2017, we again witnessed steady growth in Bitcoin, which was trading at around 5,000-5,500 USD.
Then, in November and December, prices spiked from 5,500 to 20,000 USD in less than 2 months.
In both of these scenarios, one thing was certain: prices were overvalued and a bubble was formed in terms of prices, which was driven by greed only.
In every asset boom and bust cycles occur and Bitcoin is no different.
After prices spiked from 100 to 1,200 USD in less than 2 month, then anybody can expect a correction in the prices.
But what about 90% correction?
In just 11 weeks, BTC reached its bottom at 118 USD and made a 90 percent correction from its 2013 high.
This downtrend continued for 19 months from 2014 to September 2015.
In 2017, Bitcoin’s price reached 20,000 USD and currently it’s trading at around 6,000 USD.
So it’s still far away from a 90 percent correction, because the 90 percent correction will end at about 2,000-3,000 USD and this should be a clear bottom for Bitcoin.
Bitcoin took 3 years to reach its previous 2013 high.
Bitcoin went to 1,200 USD in 2013, then it made 90 percent correction and the downtrend continued for almost 2 years.
But it took 3 years for Bitcoin to break its previous 2013 high.
BTC reached its top again at 1,200 in January 2017.
So now Bitcoin is at around 6,000 USD and nobody can exactly tell you the real bottom or top, but even after reaching its bottom whether it’s 6k or 3k, one thing is pretty sure: it’s going to take time to move above its previous December 2017 high which was 20,000 USD.
After reaching its top again, which was 1,200 USD in January 2017 (BTC took 3 years to reach this level), it moved 90 percent higher from its previous high.
BTC reached from 1,000 USD to 20,000 USD in less than a year
Last time BTC moved 20x from its previous high and right now our previous top is sitting at 20,000 USD, so if we even take a conservative approach where BTC will move only 5x from its previous high, it’s reaching at 100,000 USD without any problem.
At last, we are also adding the silver chart for you to watch and analyze, which made 70% correction since it reached 49 USD in 2011 and now trading at around 16 USD.
The bear trend is running from more than 7 years and still not over, but it takes people with these understanding to invest more at this point a time into Bitcoin.
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