As Bitcoin (BTC) celebrates six years of action within its existing range, the digital asset community looks back on the highs and lows of the popular cryptocurrency’s life so far. After reaching an all-time high of nearly $20,000 per coin in late 2017, BTC has faced a brutal bear market that has seen its value plunge to a now minimal level. This article takes a look at the key events and dynamics of the past six years that have kept BTC trapped in its range.
1. A Historical Examination of Bitcoin’s Price Range Over the Last 6 Years
Bitcoin has been an up and coming digital asset for almost a decade now. Its price range has changed drastically in its history, with some dramatic drops and some meteoric rises. Here, we’ll take a look back on the tumultuous price history of Bitcoin over the last 6 years.
From 2014 to 2015, Bitcoin’s price range was fairly stable, with highs well above $1,000 and a low of $200. This changed dramatically in 2016. We saw huge drops from the end of January to mid-February, with the value going low as $380. However, the skyrocketed from mid-March up until the end of the year, eventually reaching a high of $773 by early December.
The trend from 2016 was carried on into 2017. The growth was even more exuberant, with prices reaching over $20,000 by the end of the year. Even with minor drops, the most average Bitcoin owner could have made a huge profit that year. However, much like 2016, the proud ended the year with a price drop, settling around the $13,000 dollar range.
- 2014 – 2015: Highs over $1,000, lows of $200
- 2016: Sudden drop to $380, rocket to $773
- 2017: High of $20,000, drop to $13,000
2. Looking Ahead: What to Expect from Bitcoin’s Price Range in 2020?
As Bitcoin’s price fluctuation in 2020 so far has been anything but stable, investors have been struggling to predict what’s in store in the last few months. Although price predictions are always a difficult task, there are trends that fund managers and analysts observe for the upcoming year.
Market Sentiment: Investors are divided when it comes to the near-term future of Bitcoin. Many optimists view the current dip in the currency as an opportunity to invest while others look ahead to the rise of competitor cryptocurrencies. Still, some hold on to the opinion that Bitcoin will eventually rise.
Expected Price Range: Analysts have predicted that the price of Bitcoin can range from around $18,000 to as high as $25,000 by the end of the year. Furthermore, some suggest that the currency may even reach past the $30,000 mark.
The Halving: Late May will witness the third halving on the Bitcoin network. Historically, these have had a direct impact on the currency’s price and market capitalization. So, many investors are hoping that the event might provide some relief from the current volatility.
Hence, this year promises to continue the trend of Bitcoin’s unpredictable price movements and judging by the conditions described above, it is probably wise to keep an eye out for any sudden price shifts.
Wrapping Up
Today marks the sixth anniversary of Bitcoin’s prolonged recover. While BTC’s price stayed in this range for an extended period of time, it resulted in significant network adoption and created a favorable environment for blockchain and cryptocurrency adoption. Many experts believe this consolidation period is necessary for BTC to take off and for it to experience a traditional bull run. It would be interesting to view the network effects once the price takes off and the crypto ecosystem grows in size.