Bitcoin, the world’s largest cryptocurrency has gone through some intense bullish rise and bearish falls this year. This was partly due to adoption news from various countries as well as regulatory authorities flip flopping on decisions regarding the digital asset.
Currently, Bitcoin was going through difficult times as reports stated that the cryptocurrency’s price candles had closed four continuous red weeks for the second time in 2019. The last time Bitcoin witnessed such a crunch was back in 2014 when the price candles closed red for five straight weeks, an event that flushed out numerous failed projects from the industry.
In 2014, Bitcoin price fell from $398.82 to $119.59 in the space of a month. This rapid fall was due to FUD in the cryptocurrency space along with investors confused about the opportunities in the space. We need to keep in mind that this was when Bitcoin was in its nascent stages and institutional adoption like today was still a far-fetched concept. Bitcoin recovered well in 2015 when the value shot up to $501. 2 that November.
November seems to be the crux point in the cryptocurrency space as Bitcoin had tanked by more than 60 percent last year and this time around, the pattern seems to continue. When Bitcoin was holding near the $9000-mark last month, analysts and investors expected the bull run to continue well into the close of the year too. However, November was the start of a bloodbath that resulted in more than $2000 being shaved of the cryptocurrency’s value in less than 2 weeks.
At the time of writing, Bitcoin was trading for $6854.19 with a total market cap of $121.55 billion. It held a market volume of $44.73 billion after the price fall was arrested with a 1.33 percent increase in value. While some analysts are predicting another dip in prices, a majority of the community have banded together to state that this was the moment for users to buy in. This was reiterated by popular Bitcoin enthusiast, ProofOfSteve who had tweeted:
“If you’re SELLING #Bitcoin now make sure you give your address to a Whale so they can send you a Christmas card as a ‘thankyou’. If you’re BUYING you have your gift already. #BTC is the most valuable asset you can own long term. Your vision and conviction will shape your future.”