Bitcoin in the News : 2017-12 Price

The bitcoin price action for the month of December showed a different pattern than in last month's post, Bitcoin in the News : 2017-11 Price, or in any previous month in 2017. It looks like the cross section of a mountain range, with ever-higher/ever-lower peaks and valleys on either side of the monster mountain in the middle. Is this an example of what market technicians call a head-and-shoulders formation?

Bitcoin (BTC) Price Index

Once again, I'll rely on Cointelegraph's Bitcoin Price Analysis for an explanation of the key movements in the chart. The month splits easily into three parts: a rise at the beginning, a peak in the middle, and a fall at the end. Here are some stories from the first part of the month:-

• 2017-12-07: Bitcoin Goes Parabolic, Blows Past $14,000 to Post $2,500 Single Day Gain
• 2017-12-08: Bitcoin Market Capitalization Crosses $300 Bln on Anticipation of Futures Trading • 'At press time, Bitcoin was trading on GDAX at $17,340.'
• 2017-12-08: Bitcoin Finally Cools After Monster Rally

And here are a couple of stories from mid-month. Any market peak is only apparent after the fact.

• 2017-12-20: Crypto-Mania in Full Swing: Daily Highs and Lows
• 2017-12-21: Early Bitcoin Investor Says Bitcoin Could Drop 50% Before Going Higher • 'Dan Morehead, CEO of Pantera Capital, a hedge fund focused on digital currencies'

The price at the end of the month was unpredictable and volatile.

• 2017-12-26: Charles Schwab Chief Strategist: Bitcoin’s Bubble Is ‘Something Different’ • 'It hasn't yet become embedded in the economy and the financial structure.'
• 2017-12-30: US Dollar Will End 2017 as Worst Year Since 2003, While Bitcoin is Up 1,372%
• 2017-12-31: Crypto Market Crash - Not The New Year’s Present Everyone Hoped For

As usual, we don't know what will happen next. Since many pundits are expecting more of the same -- unpredictable and volatile -- the bitcoin market might surprise everyone by being predictable and flat. Anyone who prefers unpredictable and choppy can focus on another crypto-currency. There are plenty to choose from.