During the 2017 Bull Market, Bitcoin Price Moved From $5,000 to $20,000 in Only Two Months

We are leaving behind one of the must painful bear markets in the Bitcoin history. Bitcoin hit $20,000 in December 2017 and then the price came back to $3,200 in December 2018.

Bitcoin market cycles seem to be faster than cycles in traditional markets. In only 10 years Bitcoin had 5 cycles characterized by high volatility and has been declared dead several times.

However, the high volatility and short cycles are normal for a new class asset. Meanwhile, the adoption expands more the volatility decreases and cycles might become longer.

Bear markets are usually a good time for development. During the last one, we have seen a lot of development for scalability and more friendly user interfaces that make it easier for non-tech people to get into crypto.

Also, financial institutions like Fidelity, Bakkt, Nasdaq, and others are about to offer cryptocurrency to their large clients. Other financial institutions like the Bank of America or credit/debit card processors like Mastercard are exploring the blockchain potential.

We are also one exactly one year before the halving, and this is where the uptrend starts. Bitcoin got from $5,000 to $8,000 in the last two weeks and everybody seems surprised, except those who remember 2017. During the 2017 bull market, the price went from $5,000 to $20,000 in just two months. However this time the roof is much higher and we are just at the beginning of the uptrend.

Author: andrey

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