Bitcoin Annual Review – 2019
It is easy to forget that Bitcoin did not perform that badly this year. The second half of 2019 was bearish, but not the first half. In reality, Bitcoin has risen from USD 3,740 on New Year’s Eve 2018 to currently USD 7,480, which is a 100% increase in value.
In fact, Bitcoin began to crawl out of a long bear market at the beginning of 2019, with the bear market bottoming out at USD 3,200 just a few weeks before New Year’s Eve 2019. Bitcoin then remained volatile and flat until early February, only at the end of March did Bitcoin slowly begin to emerge and reach USD 4,000.
Things then became exciting in April and May, when Bitcoin rose to USD 8,500. In late June and early July, Bitcoin then shot up to $13,800.
Since then, the Bitcoin market has felt somewhat bearish and is in a persistent decline. However, after a low of USD 6,500 in mid-December, Bitcoin has risen again to USD 7,200, which raises hopes of a bottom and a renewed rise next year.
Bitcoin (BTC) Price Still Follows Stock-to-Flow Model
While the massive correction of Bitcoin by 40 percent from its annual high of $ 13,7k could jeopardize the new bull market, it actually stays in line with the stock-to-flow (STF) model. Therefore, it is not inappropriate to assume that BTC could experience another rally after the forthcoming halving if the model is valid.
The STF model aims to predict the price of the leading cryptocurrency based on its shortage. It was developed by the Dutch cryptanalyst “Plan B”.
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