Over the past few weeks, Bitcoin prices have been fluctuating rapidly. The cryptocurrency which crossed the $19,000 mark in December is now down to the 11,000-s. However, while the last week was a nightmare for many traders and investors, the last 24 hours have been gentle. Bitcoin (BTC) grew by over $1500 USD to cross the $12,800 mark.
The 24 hour low was of $11,150. However, the price has since been on a rise and as of this writing, the price is to the north of $12,800. It has been after a long time that such a sharp rise has been seen in the graphs, as the price shot from $11,600 all the way to $12,800 in less than an hour.
Markets now appear to be positive and it is expected that investments in Bitcoin will now be on the rise. The cryptocurrency had hit abysmal lows – falling by over 45% from when it hit the all-time high. However, now that it is on the rise again, it is likely to bring the markets towards a bullish phase.
For the past few weeks the markets had been bearish, with most cryptocurrencies entering a phase of ‘bloodbath’ where almost all prices were going down. During this ‘bloodbath’ phase, Bitcoin prices fell to as low as $10,000 and in some exchanges, even beyond that.
Bitcoin’s Pattern of Fall
While patterns in a graph are only semi-indicative of things – an interesting trend has been noticed in Bitcoin’s graphs over the years. Every year, the second or third week of January usually records the lowest price across the year. The all-time low of the past three consecutive years has been recorded in mid January. This dip in the prices could possibly be indicative of the same trend emerging this year.
While nothing can be said for certain, but if a similar pattern of growth continues this year – Bitcoin prices might just surge beyond anyone’s expectations and an encore of 2017 might be in the cards. Stay tuned with us for more updates in the world of cryptocurrencies.
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.