Bitcoin has not fallen for four consecutive months and closed November in the red since 2014. As the world’s largest digital currency continues its downward spiral new records are being made, and they are not ones to revere in. It is on track to repeat a record not seen for four years.
Bitcoin Patterns Back to 2014
This milestone has been noted by Marketwatch which made the comparison in a report citing Dow Jones Market data. The four in a row began in August when Bitcoin dropped 8% over the month falling from around $7,600 at the beginning to just below $7,000 by month end. BTC then dropped below $6,000 for the second time this year on August 14 and has fallen every month since.
According to the report the last time this happened was during the crypto winter of 2014. That year saw BTC dump over 70% when it tumbled from a high of $1,130 in December to just over $300 by the end of December 2014. The pain did not stop there as the bear market continued deep into 2015 when Bitcoin dropped to a low of $183 in January according to Coinmarketcap.
This represented a fall of 84% from its all-time high. Bitcoin remained on the floor trading around $250 for most of 2015 before finally starting to head upwards in October.
Comparatively, Bitcoin has declined just over 80% this year since its ATH back in December 2017. Since August this year Bitcoin has fallen by half as it hit a new yearly low on Sunday when it dropped below $3,600. Yesterday saw another two bounces off $3,650 which appears to be a support level soon to break. This sentiment is being echoed by technical analysts that have been correct so far;
HIGHLY speculative, but…: pic.twitter.com/OeUSPcmRTN
— Murad Mahmudov (@MustStopMurad) November 27, 2018
Analysts are now calling a $3,000 bottom where Bitcoin will remain for several months and may not recover until the latter half of 2019. If the 2014-2015 crypto winter is to be repeated things may not improve until around October time when the bears may finally go into hibernation.
Things will go quiet on the crypto trading front, as they did four years ago, but the industry has grown monumentally since then and institutional players are now taking an interest. As crypto leaders, such as Binance boss CZ, likes to say; “Now is the time to Buidl”.
FUD wins in the short term, BUIDL wins in the long term. https://t.co/ikQDNQZI0G
— CZ Binance (@cz_binance) November 26, 2018
Bitcoin appears to be repeating a pattern last seen four years ago but the space is very different now. Either way it looks like the time to batten down the digital hatches and prepare for a long cold spell in crypto land.
Image from Shutterstock
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