When trying to predict the future price of bitcoin, it’s impossible to do so without first looking at its past.
No matter how it’s examined, the cyclical nature of bitcoin’s price action can’t be ignored especially when considering its notorious “boom and bust” cycles.
If the latest plunge below the long-lasting support level of $6,000 after an explosive rise to nearly $20,000 is any indication, it’s clear the history repeating trend has yet to cease. If the cyclical nature of bitcoin is indeed alive and well, then, in all likelyhood, the current bubble will reach a similar conclusion as was the case with past bubbles.
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