Bitcoin, which has been staggering and experiencing one of its worst cycles fell below the $18,500 price level and did rise back up to the $20k to $23k range it had been reading in the previous week.
Bitcoin got to $18,060, Which is a whopping 10.9% drop since the last 24 hours of market time.
The total market cap currently stands at Bitcoin’s market capitalization slumped to about $359 billion, which is about a 9% decline and about 74% from its all-time high in November.
Previously, some claims suggested that the Bitcoin Cryptocurrency cannot go below its previous cycle high price. But with BTC down below $20k, this claim has been sadly debunked and traders fear what happens next.
What are these Bitcoin cycles?
Bitcoin cycles are periods in the crypto history that experienced bullish price run-ups then followed by a heavy price crash, these crashes usually last for a certain (usually unpredictable) time. These cycles play a massive role in speculations and setting new prices for Bitcoin.
Bitcoin Price History
Among other Cryptocurrencies, Bitcoin has had its tonnes of volatile trading histories.
Year 2009– Year 2015
BITCOIN started at $0 in 2009 when it was launched
•July 17, 2010, BTC rose in price to $.09.1
•April 13, 2011, Coin rose again from $1 to $29.60 and by June 7, 2011, gained 2,960% in 3 months.
•The cryptocurrency markets witnessed a recession and Bitcoin’s price dropped way down to $2.05 in November.
•Bitcoin rose again the next year from $4.85 to $13.50
•2013 started out with BTC at $13.28 and topped to $230 by April 8
•BTC price went down to $68.50 weeks later on July 4
•In October, BTC trading at $123.00
• In December, of the same year, it topped to $1,237.55 and once again dropped to $687.02 days later.
•Prices went down for Bitcoin in 2014 slumping to $315.21 in early 2015
•Prices climbed through the year 2016 to $900 and more
•In 2017, BTC was almost stable at $1,000 until mid-May when it shot to $2,000 in mid-May and went to the moon with $19,345.49 by December.
• BTC continued dropping with a Little but significant burst of activities here and there
•June 2019, BTC prices surpassed $10,000 but later fell to $6,635.84 by December
•2020 witnessed the COVID-19 pandemic which sickened BTC a little bit with a burst of activities taking it to $6,965.72.
• BTC price on Nov. 23 precisely was $19,157.16 and prices reached under $29,000 by the end of 2020.
•Bitcoin smashed its 2020 price in 2021 getting up to a whopping $40,000 in Jan. 2021.
•mid-April, Bitcoin reached a new all-time high of over $60,000
•The crypto market expanded and prices went upwards to a peak of $63,558 by April.
•As of summer in 2021, prices went down by 50%, leaving BTC at $29,796
•Yet another bull run in September. BTC equaled $52,693, and yet another breakdown got the price to $40,710
•In November 2021, Bitcoin reached an all-time high of $68,789.
• In December 2021, BTC fell to $46,164
•January and May 2022 had BTC prices dwindling.
•Bitcoin prices fell further.