2017 was a stellar year for cryptocurrencies. Not only did the markets earn spectacular returns, but they also surfaced into media spotlight. The cryptocurrency markets which started the year at sub $ 20 Bn market cap rose to more than $ 800 Bn. This was the year when the blockchain revolution truly started in full force.
However, beginning of 2018 saw a dramatic turn in fortunes and we witnessed a drastic fall in Bitcoin and all altcoins. Slowly but surely over a matter of 6 Months, we have seen the cryptocurrency market fall to $300 Bn. Historically, it has been observed in Bitcoin's historical prices that whenever such dramatic rise and fall occurs, he next year is spent in consolidation. This has been seen in 2015-2016, after a dramatic rise and fall in 2014. The same was witnessed in 2011.
It has been observed that the bull market cycle in Bitcoin occurs every 3 years. We saw this cycle play itself out thrice in the years 2011, 2014 and 2017. Now the next bull run will be in 2020. Given this cyclical price behavior, I believe that this remainder of the year will be spent in consolidation.
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