For example, I have stated that Bitcoin and the Crypto Market are classic bubbles, and wasn’t at all surprised by the collapse of the Bitcoin price from $20,000 to $6,500 in a short period. However, now that Bitcoin and the Crypto Market have reversed, I see analysis and comments that anyone suggesting that Bitcoin is in a bubble is flat out wrong. I would kindly like to remind these individuals that markets don’t go down in a straight line.
We can see this quite clearly in the following two charts which came from the article, As Bitcoin Nears $11,000, Here’s A History Of Its Biggest Ups And Downs:
The price of Bitcoin in 2013 surged higher, crashed and then corrected higher before falling over the following year. The same thing took place in 2013 and 2014:
At the end of 2013, the Bitcoin price surged more than ten times to a high of $1,150 before falling to nearly $500, reversed direction and shot back up to $900+. However, over the next year, the Bitcoin price trend was lower.
Now, I put this chart together to compare the current Bitcoin price trend with the previous graphs:
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