- Determining the trend for Bitcoin prices.
a) We are given the table for the Bitcoin prices for the years 2010 - 2017 in terms of USD. Determine a linear trend line for these prices. The monthly price is for the first day in the month:
Date year-month-day | Bitcoin price in USD |
2010-12-01 | 0.23 |
2011-06-01 | 9.57 |
2011-12-01 | 3.06 |
2012-06-01 | 5.27 |
2012-12-01 | 12.56 |
2013-06-01 | 129.3 |
2013-12-01 | 946.92 |
2014-06-01 | 629.02 |
2014-12-01 | 378.64 |
2015-06-01 | 223.31 |
2015-12-01 | 362.73 |
2016-06-01 | 536.42 |
2016-12-01 | 753.25 |
2017-06-01 | 2452.18 |
Data taken from CoinDesk price page.
b) As per the linear trend line from part a), what is the expected price of Bitcoin in 2020?
c) Discuss whether a linear line is a good indicator for the future price of Bitcoin.
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