usingthemethodologyofPhillipsetal.[2015]whichconsistsofgeneralizedadADF(GSADF)。 todetectanumberofmultiplebubbles.thebubbleburstcoincideswithanumberofmajoreventsintheusBTCmarket.then, Blanchard and Watson [1982],Shiller [1984],Tirole[1982,1985],Evans [1989],Diba and Grossman [1988], Froot and Obstfeld [1991] improvetheeconometricmethodsappliedtodetectperiodiccollapsespeculativebubbles.wewillpresentamoredetailedframeworkofthePhilliliiiies wuandYu[2011][pwy]andPhillips, Shi and Yu [2013] (PSY) modelsandtheempiricaltechniqueofestimatingthefundamentalvalueofthebitcoinpriceandanalyzingthedifferencebetweenthecurrentpriceandanalyzingthedifferencebetwenthecurrentpriceantpric itsfundamentalvalue.themostcommonmodelfortestingtheintrinsicbubblebeginswiththefollowingequation(gurKaynak,[2008]:
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