Bitcoin Price Now Compared to 2013 and 2017 Bull Markets
Bitcoin saw bull runs in both 2013 and 2017. How does 2020 stack up?
Bitcoin is back in the headlines due to recent price increases.
Not only has the world’s largest cryptocurrency maintained an incredible streak of now roughly 100 days and counting over $10,000, but bitcoin continues to look more and more bullish.
So the question has to be asked — are we in the middle of a historic bull run the likes of 2013 and 2017?
Bitcoin Did a 10X in 2013
Bitcoin rocketed up from the $100 range to just over $1,000 in a matter of months in late 2013. Incredibly, this bull run occurred amidst a very turbulent year for bitcoin.
Ongoing delays at both Mt. Gox and BitInstant made for a rocky start to 2013. Another soon to be major player, Coinbase, was steadily on the rise though and gaining attention in the US.
In the second half of 2013, bitcoin saw major news in the arrest of Silk Road alleged owner Ross Ulbricht.
Bitcoin would do a 10X in a matter of roughly two months between October and early December of 2013.
News of the October Silk Road arrest initially sent shockwaves throughout the markets but bitcoin would more or less complete the bulk of its 10X rally during the immediate aftermath of the Silk Road, topping $1,000 by the first week of December.
Bitcoin Did a 20X in 2017
Bitcoin did the unprecedented in 2017, jumping from January prices below $1,000 to its all time high of nearly $20,000 in December. This year was insane. There’s really no other way to put it.
2017 remains the wildest single year ride yet for bitcoin. It would rise roughly 20X throughout the year.
Bitcoin was not ready for such a steep rise in price.
Similar to this year in crypto, the industry saw more mainstream business adoption throughout the year, increase in volume across exchanges, and dealt with the impacts of the Bitcoin Cash fork midyear.
Bitcoin Has Almost Done a 3X in 2020
If we look at yearly lows, we have to go back to the initial economic impacts caused by the global pandemic.
COVID rocked the world, bitcoin included. The financial onslaught caused by the virus sent bitcoin prices on some exchanges into the $4,000s in March.
Bitcoin would do a rollercoaster rise (along with traditional markets) as it progressed to current October price levels ranging between the high $12,000s — low $13,000s.
Since its March lows, bitcoin has almost done a 3X, leaving many experts to wonder if a bull run toward a new all time high is right around the corner.
What’s Next for This Bull Run?
It’s unlikely that we’ll see bitcoin match the multiples in price increase that we saw in either 2013 or 2017 by the end of this year. It is likely, however, that we are entering a longer term rise toward a new all time high.
Don’t expect to see the sharp spikes in price that we saw in just a matter of months during previous bull runs. We could see more, smaller, price jumps in the near future though. We’ve already experienced a few in 2020.
Increased mainstream adoption and a greater emphasis on bitcoin of a store of value versus fiat currency is making the case for a longer term bull run.
Bullish indicators continue to impact the price.
Earlier this year, we saw unprecedented quantitative easing due to the global pandemic. Then, we saw major publicly traded companies like MicroStrategies putting millions of their cash reserves into bitcoin.
Square and other smaller players would follow MicroStrategies. We’d also see PayPal announce its upcoming inclusion of cryptocurrency purchases to the platform and talk of more financial stimulus in the US.
Price Predictions for the Upcoming Year
- Stock-to-flow puts bitcoin at $100,000 by August 2021
- Bitcoin bulls see potential for $300,000 in 2021
- Winklevii make case for $500,000
- Bitcoin to $1 million? Some say in due time.
How to React as a Bitcoiner
During bull runs like these, how should you act as a bitcoin trader or HODLer? If you’re a trader, good luck. I’ve never claimed to be one or tried to time the market. Dollar-cost-averaging has always been the tried and true approach to bitcoin if you’re simply interested in stacking sats.
Key factors to lookout for are greater quantitative easing from central banks and more mainstream adoption.
2020 is sure to close with both more mainstream adoption and increased quantitative easing or at least the call for more QE in early 2021 depending on the fallout of the 2020 US Presidential Election.
Bitcoin remains steadfast amidst all of this. Will the 2020 bull run outpace those of 2013 and 2017? Unlikely. But, never count bitcoin out.
Thanks for reading! I am not an investment or financial advisor. This is not financial advice. All opinions expressed are mine alone. If you want more content like this, sign up for my weekly email.