Analysis Of Bitcoin
Bitcoin is one of the most famous Cryptocurrencies and it reached the Market Cap. Of 370 billion dollar (29,60,000 Crore) in today’s time. Bitcoin is also one of the oldest Cryptocurrencies and its founder is unknown. The analysis of Bitcoin over the last 10 years explains to us how Bitcoin grows over time from 1 dollar to 20,000 dollars. It gives us a detailed analysis of particular years of Bitcoin performance which help us to understand the trend. This analysis is done on the basis of data available on the internet.
The Year 2012 is the growing and starting stage of Bitcoin on the path to success. On 1st January 2012, the price of Bitcoin is 5 Dollars but in the past, it fell by 50% from 10 Dollars to 5 dollars. Further, it increases to 20 Dollars till the end of the month of December 2012. The price of Bitcoin goes sideways for starting for months and after the volume comes it goes upside. Still in one month Bitcoin faces a struggle and it dropped by 25% in October month. In the year 2012, Bitcoin grows by 280% from 5.17 to 20.62.
The year 2013 is the most profitable and the first success of Bitcoin is also achieved this year. As of the 1st of January 2013, the price of Bitcoin is 20 dollars. The first four months of the year 2013 is ended positively and here the success story of Bitcoin started, Certainly on 4th month it takes a pullback of 40%, and the next two months also negative. After all, Bitcoin takes a pullback of 67% after a growth of 500% from 20 dollars to 138 dollars. The main twist is here, after that 6 months a golden period of the year 2013 is going to start, 7th and 8th months show a growth of 40% and in the 9th month, it takes pullback. But in the last month the price of bitcoin from 131.81 dollars to 801 dollar growth of 500% in just a gap of 3 months. A huge volume comes in November month because of that a huge bullish candle formed.
The successful year of 2013 for bitcoin, but the more devastating year is 2014. The growth of the year 2013 can’t be sustained and the real face of that growth is shown in 2014. In the year 2014 price of Bitcoin falls from 801 Dollars to 276 Dollars means Bitcoin crashed by 65%. In the first 3 months, the price is fall by 43%, and after it takes a pullback for 2 months. But pullback fails and the next four months of Bitcoin ended in negative. The overall year 2014 is proved as negative because out of 12 months 10 months ended in negative.
The year 2015 is almost sideway because out of 12 months 8 months ended with no profit and loss. The year is gone sideways but it has high importance to predict the future trend. The first 8 month of 2015 is almost sideways but the last 4 month shows a growth of 87% from 232 dollars to 434 dollars. This breakout or trend can be strong compared to the trend in 2013 because the market goes sideways and after that, it breaks the resistance and starts there new trend. The year 2015 can also be called the root of the success of Bitcoin. Because sideway is necessary before any strong trend or moment in the market, that confirms the strength of the trend/momentum.
As mentioned that it will be a good sign for the Uptrend or Downtrend to go sideways before the moment. In the Year 2016 Bitcoin grows around 162% from the price of 368 dollars to 968 dollars. As it is sustainable growth so there is a chance for a long growth. In the year 2016, 1st and 2nd months go sideways but the real potential is shown in the 3rd, 4th and 5th months by showing growth of 64% in just 3 months. In the 6th and 7th months, the Bitcoin price takes pullback and again it continues to its trend or moment. In the next 5 Months, Bitcoin forms a strong bullish candle which indicates a strong bullish trend.
The year 2017 is the year when Bitcoin got its hype in the market and everyone started talking about Bitcoin. This is year golden year and the most successful year for Bitcoin because it grows more than 1400% means 14 times in just one year from 928 dollars to 13919 dollars. The starting month of 2017 is sideways but the ending is shocking. 1st, 2nd, and 3rd months of the year 2017 are sideways but after continuously 5 candles ended in positive, and in that period price of Bitcoin turns to 3 times. That was just a small phase of growth after as usual, the price takes to pull back but that also fails, and a hanging man candle forms which indicates a strong bullish trend. The last 3 month is the real show time for Bitcoin, in that period bitcoin grows from 4320 dollars to 13887 dollars. That was just an amazing and shocking growth of Bitcoin, with the wealth of investors becoming 10 times, 20 times, and more.
The quote of Billionaire Investor Warren Buffet is “fearful when others are greedy, and greedy when others are fearful”. , This Quote is seen as possible in this particular year when people are greedy about bitcoin at that time Bitcoin grows but in the next year it fall around 77%. Bitcoin lost its growth which is made in the past year. 1st month shows a strong and long bearish candle but still 2nd shows the pullback. That pullback fails and it again started falling and after that, it further falls around 68%. This is the most devastating year for Bitcoin after showing a 14times growth. In the last 6 months, there is a continued fall which put the wealth of the investors at risk and after that, the faith of investors in Bitcoin goes away.
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