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 Binge
Oct 28 · 4 min read
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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.

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.

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.

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.

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

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.

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, continuing its bull run. Will the 2020 bull run outpace those of 2013 and 2017? Unlikely. But, never count bitcoin out.

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers…

Bitcoin Binge

Written by

Writing about bitcoin and its broader impact. Currently working in traditional financial services and teaching bitcoin @ BitcoinBinge.com.

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

Bitcoin Binge

Written by

Writing about bitcoin and its broader impact. Currently working in traditional financial services and teaching bitcoin @ BitcoinBinge.com.

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

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