$20K Day: A Look Back At Bitcoin’s Two-Year Rise and Fall

Tony "The Bull" Severino

5 years ago

3 mins read

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It was two years ago today, that Bitcoin price reached its all-time high value of $20,000, and just one year ago that it reached its current bear market low of $3,100.

On such a significant day, we’re reflecting on all of the ups and downs the first-ever cryptocurrency has experienced since.

On This Day Two Years Ago: Bitcoin Reaches ATH of $20,000

2017 was the year of Bitcoin and cryptocurrency. The leading cryptocurrency by market cap started off the year at under $1,000, and by December 16, 2017, had exploded in value by a factor of over 20 times.

The crypto asset had become the talk of the mainstream public by Thanksgiving of that year when the asset had been trading just under $10,000.

After $10,000 was broken, extreme FOMO set in an in less than one month’s time the crypto asset had doubled in value leading up to the launch of the first-ever Bitcoin futures trading on CBOE on December 10, 2017.

The crypto asset’s highly-publicized, parabolic bull run later climaxed the following week as it reached $20,000 on December 16, 2017, and the market has never been the same since.

After that moment, the entire crypto market fell into a downtrend, wiping out most of the gains the market stacked up during the bull market. Many altcoins popular then, are now down as much as 99%. Even Bitcoin itself fell as much as over 80% from peak to trough.

December 16th, 2017 – Bitcoin makes an all time high at 20,000

December 16th, 2018 – Bitcoin sets the yearly low at 3100

December 16th, 2019 – ? pic.twitter.com/x0vLNEMDGD

— LilMoonLambo (@LilMoonLambo) December 16, 2019

Last Year Flashback: BTC Reaches Bear Market Low of $3,100

In fact, it was one year later, on December 16, 2018, when Bitcoin reached its current bear market low of $3,100.

Interestingly, the low for Bitcoin price was put in exactly one year after the high was set, suggesting there could be some unique significance within the December 16th date.

With that date back once again and Bitcoin at its most important crossroads yet, whatever happens from today forward, could set the trend and price trajectory for the first-ever cryptocurrency in the foreseeable future and could be the difference between a new low or new all-time high around the next time December 16 rolls around.

Between now and then, Bitcoin will have gone through its next halving – a pre-determined event that reduces the BTC block reward miners received for validating each new block being added to the cryptocurrency’s underlying blockchain ledger.

The future of the young cryptocurrency could be determined in the days ahead, and soon enough we’ll find out if $3,100 really is the low for the bear market. If it is, Bitcoin could set a new all-time high by December 16, 2020. If not, it could be yet another low set this time next year.

Featured image from Shutterstock

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.