Most of traders apply technical analysis to evaluate and predict the bitcoin price in the future. We (traders) know that some day the price was going down on the first trimester of the year, because is the cycle life of the most important cryptocurrency. But two recently events maybe explain some of the hardest hit receive by the bitcoin, and it began with a small country name "Venezuela".
On December 3, 2017, the president of Venezuela Nicolas Maduro claim that a team was developing news applications for the blockchain and cryptocurrency technology to avoid economy measures made by US Government. It was the beginning a new asset (ICO) call PETRO. This cryptoasset represent 1 barrel of Petrol oil (almost 60$), it has only 100 millions tokens on the first release and it will be no minable (at least).
At the beginning of year 2018, we saw the price of bitcoin fall slowly,but if we take some time, we can see that the US government's interventions on the cryptocurrencies are related to news about the currency "El Petro".
