Bitcoin's exponential surge in the latter quarter of 2017 became one of the biggest stories of the year. However, if its current trajectory continues, it could become one of the biggest stories of 2018 for all the wrong reasons.

After starting 2017 at around $900, the cryptocurrency broke the $11,000 barrier a mere 12 hours after hitting $10,000 at the end of November before rising to a peak in excess of $18,000 shortly afterwards.

The number of Google searches for Bitcoin spiked as hype built, with volume for the week ending December 2 double that for the preceding seven-day period. Search interest peaked the week before Christmas.

However, since then it hasn't been plain sailing. A big drop in price in late December was followed by a recovery, but since the start of this year the price has fallen again.

This is a make-or-break time for Bitcoin, the price of which has – so far – followed the trajectory of a classic asset bubble to an eerie degree. If it is a bubble, it is about to burst.