Bitcoin had one of its most phenomenal years in 2017 when the coin reached $19,500 for the first time. It took BTC three years to reach that price level once again. A good number of people are now wondering if this will play out similarly to 2017. However, based on the data, we will head significantly higher this year!
YTD Growth In 2017 we experienced an incredible 1,800% year-to-date (YTD) growth by the time we reached $19,500. Conversely, this year, the YTD growth stood at only 170%, ten times less than in 2017! No matter how you look at it, a 1,800% growth is a lot even for cryptocurrencies. Therefore, when Bitcoin reached $19,500 in 2017, the price was hugely overextended. However, when we reached $19,500 this year, we were only up by 170%, and thus we have more room for growth.
Yes, it can be argued that Bitcoin is less volatile now than it was back then, which accounts for the more limited growth. But any way you look at it, it is not ten times less volatile!
Price Reaction to All-Time High Perhaps the most important difference between 2017 and 2020 is the different reaction the price had when reaching $19,500. When BTC made the all-time high in 2017, it immediately experienced a severe 40% correction in just six days! In 2020, BTC experienced a substantial 15% in only two days. However, following this we saw an immediate reversal where the price pushed even higher to $19,800!
What Happens Next? We can never predict for certain what will happen in this market. However, based on the data, it is probable that we are just at the beginning of the uptrend. We may be somewhere around $5,000 when compared to the 2017 bull-run, still expecting Bitcoin to triple or quadruple in value in the future.
I say your a year to early.. this bull run, what you see now is not 2017 .. its 2016..
Only, we have lots more exposure out there.
My tip.. make a chart put the top of 2018 on the top of 2014.. be amazed..
And here you go, you have the path we are following with about a 95% the same movements.
But thanks for above, its not far off in my opinion.
nzahir
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@ThCTLo, Can you explain why this is 2016 and not summer of 2017 (where we can see a 30-50% drop)
ThCTLo
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@nzahir, see the comment below at shwayze. We are following exact same path.
If you dont see it, move the chart a bit (stretch/shrink up/down)..
@nzahir, but thats exact what i mean.. but that will be fast.. there is a CME Gab still at 9.6..
I cant post the chart here so really make it yourself, but put the 2018 top on the 2014 top and make it fit a bit
And you will see a pattern thats about 90-95% same.
History repeats .. again. really, now, this does not mean we dont see 4 digits, we will, but we will also see 21-23k or even 30-32k
Which will hit first, thats the whales playing us.. ;-)
iklordmike
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@ThCTLo, wow we did reached the "21-23k" just about now
cryptohopper
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@ThCTLo, Thank you for sharing your opinion! You may be right as well and we hope you are, as that means even more growth. Only time will tell how it will all play out.
ProjectSyndicate
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thank you for sharing. great comparison.
Shwayze
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Were just before 2017 right now, I agree with whoever said were looking at 2016.
Only, we have lots more exposure out there.
My tip.. make a chart put the top of 2018 on the top of 2014.. be amazed..
And here you go, you have the path we are following with about a 95% the same movements.
But thanks for above, its not far off in my opinion.