Within a week, BTC price skyrocketed from $1,900 to $2,700. In some countries like South Korea, Bitcoin was being traded at over 4000$. Experts anticipated that a bubble was imposible to avoid and that a correction would have to happen.
Bitcoin price fell by $500 from $2,500 to $2,000 three days ago, suffering its first slurp since the start of May. The following day, it continued its decrease.
During the last month, Bitcoin zealots have enjoyed the skyrocketing Bitcin price. Based on global average price provided by several cryptocurrency market data providers, Bitcoin price doubled: from the $1,300 to $2,700 at its all-time high. Within a month, Bitcoin has seen a 35% growth.
Based on various estimations, including demand from investors, trading volume, an irregular growth in price and search trends, experts including a Bitcoin investor Trace Mayer anticipated Bitcoin’s fourth bubble earlier this week:
“Well, looks like fourth Bitcoin bubble is now actually starting with new blood. Take a look at actual ‘buy bitcoin’ search traffic.”
As it happened in 2013 and during three other bubbles, Bitcoin price will probably recover soon. In 2013, it took five to six days for Bitcoin to recover.