Lots and lots of investors put their hopes in the virtual currency. 2014 was a very disappointing year for Bitcoin as the markets dragged prices down over 70%. The picture in the first month of 2015 does not differ much. 2015 began with a slump in prices of over 50%, bringing prices down to a fresh new low in the first weeks of the year.
The price movement from the top in 2013 has unveiled itself as a double zig-zig with wave Y currently in progress. The market has traced out numerous impulsive waves to the downside with no signal for a possible reversal.
We believe prices have more downside potential. The area of the previous wave 4 triangle is where we expect bitcoin prices to eventually find support. 2015 should be the year when Bitcoin will show investors if it is worth the waiting. The current events are not in favor of Bitcoin as it continues to underperform with the start of the new 2015.
Will Bitcoin breach the 100 level in the future? What do you think? Let us know in the comments!
