Ben SimpsonNavigating the world of crypto with confidence & expertise | Founder & CEO of Collective Shift

BTC: How many corrections?!

Name: BTC: How many corrections?!
Uploaded: 2024-08-20T08:34:38+00:00
Duration: 47 s
Channel: Ben Simpson
Description: Ben Simpson (YouTube) explains Bitcoin's price history and volatility: from near-zero at inception (~15 years ago) to recent USD prices around $60,000…

20 Aug 2024 · 1 min

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0:47

Ben Simpson (YouTube) explains Bitcoin's price history and volatility: from near-zero at inception (~15 years ago) to recent USD prices around $60,000 and an all-time high near US$71,000 (about AU$110,000). He outlines Bitcoin's multi-year bull/bear cycles (roughly four-year cycles) and describes the last bull run rising from about US$8,000 to US$65,000 while experiencing 13 corrections of 10% or more, with typical intra-run corrections ranging 10–40%.

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I mean, when Bitcoin first started 15 years ago, it was literally $0. And at the moment it's about 60,000. We recently hit, I'm talking in US dollar terms. So we recently hit an all time high of around US$71,000. So in Australian dollar terms, about 110,000 per coin for one coin. Now, you don't need to buy a full coin. You can buy a small percentage of that. But yet, as you said, the volatility of crypto is unlike any other asset class. So in the last, you know, bitcoin has bull runs and bear markets, just like the property market, but primarily in four year cycles. In crypto, in the last bull run, bitcoin went from about $8,000 to 65,000 USD, and it went down 10% plus 13 times in that time. So it has between these 10 to 40% corrections on the way up.