Join me for a quick review of the spikes & dips in the Bitcoin exchange rate. This time, it’s all about one very simple chart…
The chart below shows a history of BTC price spikes, dips and recovery. Click to enlarge, then start at the top—and move down.
- Consider the percent-pullback after each spike (red label)
- Think about the stellar rebound after each drop (green label)
This is why I do not get too worked up over the plunge in the BTC exchange rate. There are no fundamental flaws in Bitcoin math or mechanisms. The market need for the benefits conveyed by Bitcoin is terrific, and the most popular arguments against Bitcoin are severely flawed. Skeptics and Critics typically say something like this:
“Even if blockchain currencies are beneficial and inevitable, Bitcoin can be displaced by another, better cryptocurrency.”
