The current bearish Bitcoin price pressure has made a lot of traders and enthusiasts uneasy. It is evident there isn’t much to be excited about given the current circumstances, but there are precedents for this negative market pressure as well. An extensive bear market is nothing new, nor is a massive price decline following a new all-time high. Below are some very similar incidents which may put some people’s minds at ease.
For those who have been involved in Bitcoin for more than a year or two, the period between December 2011 and December 2012 may sound somewhat familiar. Although Bitcoin has no real traction by that time, it slowly became apparent there was more to this currency than met the eye. In the first half of 2011, the value of Bitcoin rose from $1 to $31, which is a net 3,100% increase.