Are Cryptocurrencies Heading Into Another Bull Market?

Do you follow Bitcoin, Ethereum, or Ripple? Do you think cryptocurrency will go into another bull Market?

Remember November 2017, when one could invest $120,000 into bitcoin and see that investment become $500,000 in just weeks.

In September 2018, cryptocurrency began a decline of nearly 40% of its value. Bitcoin is not a stranger to downs, in April 2013 in an overnight price collapse bitcoin fell from $233 to $67.

That was a 71% drop in value, and it would take several months to recover.

Bitcoin received a considerable amount of mainstream media coverage in 2013, and that seemed to drive bitcoin up from $30.00 to over $200.00.

Bitcoin has  been dealt with many ups and downs from 2013 to 2017, including the theft of 850,000 bitcoins. The theft put some doubts on bitcoin’s security and a damper on the currency’s liquidity.

Early in 2017, bitcoin finally broke $1,000.00 and began climbing. In June, Bitcoin reached $3,000.00 but, by July had fallen to $1,869.00 a 36% drop.

Bitcoin is the cryptocurrency to watch as it was to record a significant peak in December 2017. While the other cryptocurrencies were rallying, bitcoin was the first to crash.

 Will The Bull Market Return?

The cryptocurrency community is looking at November as the turning tide for bitcoin.

Recently, bitcoin took a tumble and dropped 4.6% or over $300.00. As a result, the crypto market collapsed by $15 billion.

With 2018 not being a good year for cryptocurrency there is some encouraging data suggesting bitcoin has reached its lowest trading value so far.

This looks as though a breakout may be looming on the horizon, similar to late 2017.

There are some in the crypto community who believe that with bitcoin’s past history of rallies that another surge in the value is forthcoming.

Exactly when remains to be seen, though some believe that uptick is happening either in November or December 2018.

What Do The Charts Say

Let us look at the bitcoin charts from the year 2014 forward to learn more about crypto’s performance.

In January 2014 bitcoin opened qt $770.00, by December the cyber coin was trading a $300.00 a drop of over 50%.

In January 2015 bitcoin made some dramatic changes. Opening at $300.00 by the 14th it was down to $170.00 a 73% loss in value. Closing out 2015 at $465.00 on most exchanges.

Bitcoin started 2016 at $430.00, bitcoin made some impressive upward strides making 2016 a good year for the cryptocurrency. It broke $500.00 in May and in June topped $781.31 falling back somewhat. But in November bitcoin hit $700.00 and ended the year jumping between $750.00 and $780.00.

Two thousand-seventeen bitcoin hit some very high notes starting at over $1,000.00 In February. By October it was trading at $5,000.00 and continued climbing until it closed out the year at $15,000.00 a 1,376% increase in value.

This year bitcoin dropped to $6,000.00 and rebounded to $10,000.00 and continued to play leapfrog until August then hit mid-$7,000.00. Since the beginning of October, bitcoin hangs at the low $6,000.00s. Some crypto investors think that cryptocurrency has a victim of seller fatigue.

Recovery?

The market trend since 2011 has shown bitcoin’s ability to recover to new highs after a significant correction. With the trend in mind many cryptocurrency investors predict the market will improve by the year’s end.

 

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