Bitcoin 2018 Correction is Similar to 2014, But Shorter
July 4, 2018
Quartz published a diagram comparing medium-term price trends of Bitcoin in 2014 and 2018. Based on the price movement in the last six months, the chart suggests, that the 2018 correction can be significantly shorter, that the one in 2014.
Based on price trends of BTC this year and in 2014, it can be noted, that the cryptocurrency is experiencing a faster version of the 2014 correction. Drops and corrections are similar and happened in similar periods of time. Now BTC in on the way to further decline to lower and stable support levels.
Price chart of BTC comparing 2014 and 2018 correction by Quartz.
On June 30 BitMEX CEO Arthur Hayes told CNBC:
"Absolutely [BTC can reach $50,000 by 2018]. I think something [bitcoin] that goes up to $20,000 in one year can have a correction down to $6,000. I think we can find a bottom in the $3,000 to $5,000 range, but we are one positive regulatory decision away, maybe an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of 2018."