18 Dec Time to Understand Bitcoin Price Cycles as White House Welcomes Crypto Friendly Mick Mul…
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Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
Key Highlights:
- Bitcoin total drop now 84.5%
- Nascency of cryptocurrency making it difficult to find fair value
- While house welcomes crypto friendly Mick Mulvaney but is it a good news?
Bitcoin Price Cycles
Cryptocurrency markets have been relentless in 2018. It’s been one year now since bitcoin achieved an outstanding all-time high of $20,155 per coin and today it is testing new lows of $3,122, a total drop of 84.5%. This massive slide in value may seem unprecedented but in fact, retracements of this magnitude have happened no less than four times in Bitcoin’s short history. While all the previous spikes were due to insider information and speculation, the 2017 rise was basically driven by middle class which had turned their savings to cryptocurrencies. In all probability, the next surge is likely to be spurred by Wall Street and institutional investors. The bitcoin…
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