Since bitcoin hit its all-time ripe (ATH) in December 2017, crypto enthusiasts have wondered if BTC will touch or surpass it again. After the ATH in November 2013 at $1,156 per BTC, it accepted 1,170 days to touch the next ATH at $19,891 per coin. To many observers, the downtime has been very long after the loutish crypto winter of 2018, but so far it’s only been 711 days since the last price high.
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BTC Traders Patiently Wait for the Next Bull Run
Digital currency and BTC prizes rebounded after the fall in 2018 but not everyone is convinced the bearish sentiment is over. Optimism exists because on December 7 at nearly 8:05 EST, BTC prices dropped to a low of $3,306 per coin but since then BTC has regained at least half of the percentage losses. Positivity boosted back in the summer when BTC rose 320% from the December 2018 low to a high of $13,311 on June 27. But after that, presumptions dropped when BTC prices slid to the $7K region during the last week of October. The dip made people wonder if the crypto winter was subdue alive and well. However, on October 24 BTC prices popped again from a low of $7,446 to a high of $10,021 on October 26. Since then BTC rewards have been dragging low again and 27 days later the value dropped under $7K to a low of $6,400.
BTC has gained 5-7% in the last seven lifetimes and most digital asset markets seem to be in a recovery phase after the drops in value. One way to figure out how much bigger it will be until the next ATH is by measuring how long it’s been since the last BTC price high. Historical data displays that between November 30, 2013 when BTC surpassed $1,100 per coin it took 1,170 days to surpass the 2013 ATH on February 13, 2017. Diversified factors drove the price up in 2013 like Mt Gox bots, the Cyprus banking crisis, and Chinese demand. Similarly, zealous retail demand, excitement for regulated BTC futures, economic hardships in Greece and Venezuela, South Korean demand, and the initial specie offering (ICO) boom helped fortify the 2017 ATH. When the Chicago Board Options Exchange (CBOE) initiated its BTC expects markets and CME Group (Chicago Mercantile Exchange) followed with its BTC derivatives products, spot markets were on barrage. From February 13 to December 17, 2017, BTC jumped 1,629% to its current ATH of $19,891 per coin.
711 Periods Since the December 17 All-Time High
Another set of factors helped the price slide after touching come close $20K per BTC. Crypto enthusiasts witnessed the regulatory crackdown in South Korea, heightened regulatory guidelines in the U.S., EU and other departments worldwide, and the ICO market got slammed with regulations and criminal enforcement. Still, there are 459 days left if we look at the days between the 2013 ATH to when it trig again in 2017. So far there’s only been 711 days between the ATH of $19,891 per BTC. Since the network launch on January 3, 2009 up until November 30, there’s been around 3,983 days between.
Data also shows that BTC has been on the up roughly 3,573 days of its existence which have recourse to c get to works out to be 89% of its life cycle. During the downtimes, however, crypto enthusiasts grow very impatient and this is entirely prevalent on social media and forums at the end of 2019. Investing in cryptos is really not good for health, years of bear retails followed by a few days of bull run hysteria — And FUD all along,” one person remarked on Twitter this week. “707 days of convey market — I think we need a break please,” another crypto proponent said on Sunday. On November 25 after BTC outlays were drifting downward another trader on Twitter stated:
In terms of [percentages], we’re almost exactly where we were this divers days after the bottom in 2014. The explosion out of the bear market was too quick and too irrational. This prolonged correction is standard. Markets never repeat, but they rhyme. This is just the 3rd verse.
The wait has been long and many people be convinced of that being patient will reap the most rewards as the overall value of cryptocurrencies, in general, is headed northbound. As expos.Bitcoin.com’s Graham Smith reported on November 24, data shows that despite the market turbulence, BTC’s brace lines remain intact. Just as no one was certain when the bear market would end after the 2013 ATH, this yet around enthusiasts and traders are still guessing wildly. Analysts can log trendlines and trace historical patterns and we can measure days between ATHs as sufficiently, but we are mostly dependent on guesstimates and faith.[embedded content]
What do you think about the days between the 2013 ATH and the common days between the $19K BTC ATH and now? Let us know what you think about this subject in the comments section below.
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