A question has been raised as to whether BTC will touch or surpass it again from cryptocurrency enthusiasts, since bitcoin reached an all-time high (ATH) in December 2017. It takes 1,170 days to touch the next ATH at $ 19,891 per coin, after ATH in November 2013 at $ 1,156 per BTC. For many observers, the downtime was long after the rough crypto winter in 2018, but so far, it has only 714 days since the last price.
BTC traders are patiently waiting for next Bull run
After the fall of 2018, digital currencies and BTC prices rebounded, but not everyone believed that the bearish sentiment was over. Optimism exists because on December 7 at around 8:05 EST, the BTC price dropped to a low of $ 3,305 per coin, but since then, BTC has regained at least half of the percentage of losses.
When BTC rose 320% from the low in December 2018 to a high of $ 13,311 on June 27, the positive jumped back in the summer. But then, in the last week of October, expectations dropped as the BTC price slipped to the $ 7K area. The dip makes people wonder whether the crypto winter still exists and well. However, the BTC price reappeared from a low of $ 7,446 on October 24, to a high of $ 10,021 on October 26. Since then, the BTC price has pulled back to a low and 27 days later; the value dropped below $ 7K to as low as $ 6,400.
BTC has gained 5-7% in the past seven days and after the value dropped, most of the digital asset markets seem to be recovering. One way to find out how much longer will be until the next ATH is by measuring how long it has been since the last high price of BTC. Historical data shows that from November 30, 2013, it took 1,170 days to surpass ATH 2013 on February 13, 2017, when BTC surpassed $ 1,100 per coin. Many factors pushed prices up in 2013, such as Mt Gox bots, the Cyprus banking crisis, and Chinese demand.
Because of Cyprus, the price has risen to $ 200, but after the banking crisis subsided and unexpected internet attacks on some exchanges, the price dropped to about $ 60. Attacks have kept these exchanges offline for a short time.
Source: Coinmarketcap
Since reaching its highest level in November, China’s bitcoin demand has cooled down significantly, after the Chinese government announced that it was suppressing currency. On December 5, the Chinese central bank banned banks from processing bitcoin transactions.
Similarly, feverish retail demand, excitement for regulated BTC futures, economic difficulties in Greece and Venezuela, South Korea’s demand and the boom in initial coin offerings ( ICO) helped strengthen ATH 2017.
The spot market was on fire, as the Chicago Options Exchange (CBOE) initiated the BTC futures market and the CME Group (Chicago Mercantile Exchange) followed with BTC derivatives. From February 13 to December 17, 2017, BTC increased by 1,629% to the current ATH of $ 19,891 per coin.
714 days since the December 17 all-time high
A set of other factors helped price slide after reaching nearly $ 20,000 per BTC. Cryptocurrency enthusiasts have witnessed regulatory repression in Korea, strengthening regulatory guidelines in the U.S., EU and other regions around the world. And the ICO market has been broken by criminal regulations and enforcement. However, if we look at the days between ATH 2013 until it hit again in 2017, there are still 456 days left. So far, only 714 days between ATH is $ 19,891 per BTC. There have been about 3,983 days, since the network launched on January 3, 2009, until November 30.
The data also shows that BTC has existed for about 3,573 days, which turned out to be 89% in its lifetime. However, cryptocurrency enthusiasts grew impatient during the downtime and this was quite popular on social media and forums by the end of 2019. Moreover, investing in cryptos is really not good for health, years of bear markets followed by a few days of bull run hysteria – and FUD all together, according to one person who commented on Twitter this week. 707 day of the bear market – I think we need a break, another cryptocurrency proponent said Sunday. On November 25 after the BTC price was steadily decreasing, another trader on Twitter stated:
“In terms of percentages, we were almost exactly where we were here many days after the bottom in 2014. The boom of the bear market was too fast and too illogical. This prolonged adjustment is standard. The market will never repeat, but they rhyme. This is just the 3rd verse”.
The wait has been long and many believe that patience will reap the most rewards because the overall value of cryptocurrencies, in general, is heading north. As news.Bitcoin.com, Graham Graham Smith reported on November 24; data shows that despite the volatility of the market, the support lines of BTC are still intact. No one was sure when the bear market will end after the 2013 ATH. At this time, enthusiasts and traders are still guessing. Analysts can record trend lines and track historical patterns and we can also measure dates between ATHs, but we mostly depend on guesstimates and faith.
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