Does anybody noticed this? The bitcoin lost regular 85% of its value as a result of the market correction from $19,800 to $2,900 within the period of 12 months. Just like 2014 - where bitcoin went from $1,200 to $150, losing 85%. This happened to bitcoin before, does anyone here recalls 2013/2014 bitcoin correction?
It would be very nice if we could prove the repeatability of the cycles on other examples. The price history of Bitcoin looks like a growing wave, but unfortunately it is not known how long the next waves (cycles) can be and whether they will continue to grow, or if the next one will be much smaller. Many people try to look for such similarities in the hope that they will find a holy grail and will be able to predict the price. This, however, cannot be done.
And the fact that the market is still fairly young and the data sample who have right now is so small that's why its really hard to prove and get something out of its previous past. What we only know is that the market works on cycles, but we really don't know when will the bull/bear cycle ends and starts. So its really just a coincidence that the last cycle was similar because its really hard to predict the market price.
so that we can finally see the price moving to a direction which everyone is comfortable.