Even though we all remember the days when the Bitcoin news showed the most dominant cryptocurrency rising from one dollar to two and being unknown by many out there, the latest data shows that it was 2018 that was the worst year for Bitcoin so far.
The nightmare of the 2018 market downturn is fortunately over now. And even though more downside is possible, we doubt that Bitcoin will drop more than 80% (as it did in the previous year) and lose nearly $700 billion of total market capitalization.
Falling from almost $20,000 to a low of $3,200 in December 2018, Bitcoin has catapulted more than 2,500% to reach the high – and fell by 80% in one year to post a new yearly low. When seeing the price history of BTC, there are two technical developments that stand out: the moving average death cross as well as the breaking support of $6,000.
These signals show that Bitcoin had fortified many price situations as its ‘bottom’ of the 2018 bear market, but managed to fall even more afterwards.
Looking forward, we can conclude that 2018 was a bad year for Bitcoin – in fact the worst year with the strongest drop for the leading cryptocurrency. Just because of that, 2019 will be an interesting year for BTC as the valuations deflate and continue to align with the fundamental principles.
To sum things up, 2018 was bad for Bitcoin – and the market in 2019 cannot be possibly worse than this – right?
We’ll still have to see.
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