In its latest research, the Quartz Research Foundation examines bitcoin charts, emphasizing the similarity of bitcoin price corrections in 2014 and 2018, and predicts that 2018 price corrections are likely to be shorter than in 2014. Since late December 2017, the price of Bitcoin has fallen sharply after reaching its highest price in history (around $ 20,000).
Similar years 2014 and 2018
From December 4, 2013 to January 4, 2015, in a 400-day period, the price of Bitcoin fell by more than 80%, breaking the record for the largest price correction in history. Prior to the 80% drop, Bitcoin had returned to its previous support level in a four-month mid-term decline, after which it had risen slightly and then collapsed.
In 2014, it took about 300 days for Bitcoin to experience a 70% drop. In 2018, however, the price of bitcoin fell by more than 72% in less than 200 days.
If we compare the annual Bitcoin price chart with the digital currency chart for the period December 2013 to January 2015 (condensed), there is only one key difference: speed.
Based on the price trend of Bitcoin this year and 2014, it can be said that this digital currency is moving in a similar direction to the price correction of 2014, but at a much higher speed. We are now seeing highs and lows similar to 2014 at similar times, and the price of Bitcoin is on a downward trend towards a stable region.
By examining the current annual chart and the 2014 chart of Bitcoin, many similarities can be discovered.
Shorter price correction
As Arthur Hayes, CEO of Bitcoin Max, said in a recent interview, the possibility of a $ 3,000 to $ 5,000 price of bitcoin and the experience of over 80% price correction is not far-fetched.
Bitcoin could definitely reach $ 50,000 in 2018. I do not think it is strange for him to raise the price to $ 6,000 a year, if the price reaches $ 20,000 a year. The price of bitcoin may even drop to $ 3,000 to $ 5,000, but the big and positive news could push the price of this digital currency above $ 20,000 or even $ 50,000 in 2018.
Given the growing awareness in the industry and the advances of the past year, it is likely that the bitcoin price reform in 2018 will end faster than in 2014, and in general, according to experts in this field, a positive news from major legislators It can end the current market situation.