April 2013, bitcoin falls from around $235 to the mid $60’s. The rapid rise in value was due to media coverage and new hype surrounding bitcoin. Bitcoin remains at around $120 for the remainder of the year until late into November 2013 the same year when it reached over $1,100. December 2013 the same year it fell back to around $500. We had to then wait again until 2017 before we hit $1000 and then by December 2017 the same year we hit around $20,000. Bitcoin by that time had became mainstream in 2017 and the media coverage again can be attributed to creating a bitcoin frenzy culminating in a 20-fold increase in its value to $20,000. This is by no means the complete boom and bust story of bitcoin - there have been many other shorter price drops and later recoveries in between.
However, the classic boom bust cycle has always surrounded bitcoin in its short life. The stock markets also exhibit the same boom and bust cycle. Right now the stock markets and bond markets are overpriced and due a correction for example. News will soon focus on this. The market for bitcoin got very hot and then pulled back this year. We have seen already that the bitcoin price can take years before it recovers. However, if the technology is viable then it does recover just like the stock market. Remember after every crash there is a recovery. It may take years as it did between 2013 - 2017 for the bitcoin price to recover. However it does recover as sure night time will follows daytime. Until next time keep HODL'ing.
Follow me @cryptobebe and don't forget to upvote :-)