I believe this chart really helps to put things into perspective with Bitcoin.
Comment:
Notice back in May of 2011, Bitcoin broke above what I call the "average line", this is a very important support area, and bitcoin will either break above it or fall below it or hug it.
When it went on a bull run, and broke above it in 2011, notice it fell below the "average line" tried to rebound, failed, tried again for the second time, failed, hugged the line and then finally went on another bull run March of 2013 ( before Mount Gox crash).
This time, around August 2015, it found support on the "Average Line" and stayed strong, until finally taking off until maxing out at 20,000K. December 2017.
Now we see bitcoin had found support on the "Average Line" people started panic selling, then to make matters worse, it broke below the average line, which caused more panic selling.
Not to worry though, we saw Bitcoin do the VERY same thing from Oct 2011 to Jan 2013 and lost a little more than half its value, Then it finally made it's way above the "Average line" again.
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When it went on a bull run, and broke above it in 2011, notice it fell below the "average line" tried to rebound, failed, tried again for the second time, failed, hugged the line and then finally went on another bull run March of 2013 ( before Mount Gox crash).
This time, around August 2015, it found support on the "Average Line" and stayed strong, until finally taking off until maxing out at 20,000K. December 2017.
Now we see bitcoin had found support on the "Average Line" people started panic selling, then to make matters worse, it broke below the average line, which caused more panic selling.
Not to worry though, we saw Bitcoin do the VERY same thing from Oct 2011 to Jan 2013 and lost a little more than half its value, Then it finally made it's way above the "Average line" again.