The fourth annual Consensus conference, Bitcoin’s biggest event of the year, begins today, May 14, 2018. Will bitcoin price surge once again during the event as it has in previous three years?
RELATIONSHIP BETWEEN BITCOIN PRICE AND CONSENSUS
A look at the previous three Consensus Conferences shows significant crypto price movements during and immediately after. This trend has been maintained in all three conferences so far.
Thus, it stands to reason that the pattern could continue in 2018. Blockchain conferences create a lot of hype and buzz. Traders are less likely to sell during the duration of these important crypto gatherings as important announcements are expected.
In 2015, bitcoin prices increased by 23 percent during the conference and continued on a 121 percent rally in the two months that followed. About 500 people attended the 2015 gathering, which took place on September 10.
The following year, the attendance tripled to 1,500. Bitcoin prices increased by 10 percent during the Consensus week and 78 percent in the following two months. Then in 2017, attendance doubled. At the same time, Bitcoin price spiked by 69 percent at the time and 138 percent in the following two months.
The 2018 event is expected to have triple the attendance of last year with over 7,000 people expected at the conference…