Abstract
We study bubble behavior in Bitcoin prices during the years 2016 to 2018 based on two distinct testing methodologies. The Phillips et al. (2015) PSY methodology is used to identify multiple bubble periods. The log-periodic power law (LPPL) approach by Filimonov and Sornette (2013) identifies bubble growth and potential critical bubble termination times. Our results underline that bubble behavior is clearly a common and reoccurring characteristic of Bitcoin prices. A critical time point is identified to be December 6, 2017, after which neither approach provides evidence of ongoing bubble behavior.
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