“Bears” For Bitcoin Nevertheless The Same As They Were In Past 8 Years

In an effort of achieving end-year surge, Bitcoin is continuously facing further value reductions. As a matter of fact, the reductions have become rampant since the past two weeks. The recent most reduction for Bitcoin took place on 20th December, 2021. The decline caused a value reduction by at least 3.7% and the reduced value of Bitcoin then became US$ 45,738 per BTC.

However, since November to date, there had been only a few occasions when Bitcoin saw some monumental price increases. Considering Bitcoin’s growth in 2019 and 2020, this year’s performance of Bitcoin was not that bullish as people had thought it would be. But when a year’s end is approaching, there is this hype in crypto market that the crypto economy will be boosted. For other digital currencies, the hype may be true but not for Bitcoin at least.

If one examines Bitcoin’s prior year end performance of the past 8 years, then there is hardly any difference.

For instance in the last two months of 2014, Bitcoin bears were quite apparent at the relevant time. In September, 2014, Bitcoin value was at its peak i.e. US$ 471 per unit. However, the month of December 2014, brought a massive price reduction which took the price at US$ 300. At that time also, Bitcoin saw reduction of its value by approximately 33.12%.

When 2015 was nearing its end, again Bitcoin market was very much bearish. For the years 2016 and 2017 though, Bitcoin value was bullish and certainly there were some monumental gains at the end. At the end of 2017, Bitcoin managed to came very closer to its predicted value for the year i.e. US$ 20,000. However, it did not succeed in fulfilling the predicted value but in 2018, the predicted value was achieved.

The year 2018 was however not good for Bitcoin. Although Bitcoin ended 2017 with a price range of US$ 19,000+ yet in November 2018 the value had reduced to US$ 6,376. When the first week of December 2018 commenced, the value was further declined at US$ 4,139. As of 31st December, 2018, Bitcoin was about to enter into 2019 with the value of US$ 3,865.

Thereafter, Bitcoin ended 2019 with a price range of US$ 7,324 and US$ 11,425 was the price when Bitcoin entered November, 2020. However, the end of 2020 for Bitcoin was not only decent but promising as well. 2020’s end took Bitcoin into 2021 with the increased price of US$ 23,241.

So again in November 2021, Bitcoin’s movement is rather similar to its past patters of at least 8 years. There has been about 33% value reduction since the month of November has started which shows that the market is bearish. The bearish might however change into bullish at Q1 of 2022.

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