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Bitcoin is behaving a lot like how the Nasdaq did around the dot-com bubble, but the timeline is unfolding 15 times faster, according to research published by Morgan Stanley.
Similarities in price moves and trading volume could be signs that history is repeating itself, according to a note published by Morgan Stanley on Monday.
Morgan Stanley also points out changes in bitcoin trading volume into a cryptocurrency called tether.
Sheena Shah, strategist at Morgan Stanley, notes that bitcoin prices have lost 45 percent to 50 percent of their value in each bearish wave, similar to Nasdaq's behavior 18 years ago.
"The Nasdaq's bear market from 2000 had five price declines, averaging a surprisingly similar amount of 44 percent," Shah said.
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