The latest drop to the $8,400 level has completely evaporated Bitcoin's 40 percent move that seemingly handed a big victory to the bulls, but historical data shows that BTC could see more fireworks before ending this year.
A well-known crypto trader has pointed to the fact that Bitcoin started experiencing immense volatility on Nov. 14. Back in 2017, the BTC price started its historic rally from $6,000 to $20,000. After the bubble popped, bears reigned supreme at the end of 2018 with Bitcoin dropping to the $3,100 level.
A year ago, today was the day Bitcoin started its drop from $6,000 to $3,000.— Rhythm (@Rhythmtrader) November 14, 2019
Two years ago, today was the day Bitcoin started its parabolic rise from $6,700 to $20,000.
That said, Bitcoin could still remain in limbo until the upcoming halvening event, which is expected to take place on May 14, 2020, starts brewing a new price narrative.