RATE Group | Bitcoin is Repeating 2014’s Downtrend Action That Corrected Vastly
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Bitcoin is Repeating 2014’s Downtrend Action That Corrected Vastly

17 Oct Bitcoin is Repeating 2014’s Downtrend Action That Corrected Vastly

Posted at 17:28h in Bitcoin News by

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As speculation over Bitcoin finding a bottom grows, one historical price action has surfaced to back a strong demand around a specific trading range.

Crypto Monk, a highly followed Bitcoin and altcoin trader and founder of CryptoMonsoon podcast on YouTube, recently took to Twitter to showcase similarities between Bitcoin’s price action in 2o14 and in present times.

The uptrend from 2014, which was later found to be pumped artificially before the Mt. Gox hack, took the Bitcoin-to-USD exchange rate to as high as $1,200. The pair then corrected to the downside and brought the price to as low as $103. That marked a 91 percent within just five months.

The BTC/USD pair later established a strong demand area between $160 and $200, eventually popping out of the strong bearish sentiment and create yearly highs towards $509 in 2015, and $1,173 – almost double the previous high – in 2016.

The uptrend extended with more pumps, and by the end of 2017, Bitcoin had surpassed $19,000 to set a…

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