After the Bitcoin price hit a high of $64,895 per unit, speculators and skeptics believed that this might be the peak of the bull market, followed by the bear market of 2018. On Sunday, May 23, the price of Bitcoin fell to a low of $31,107, and short positions have been occupied for some time. However, not everyone believes that the current cryptocurrency bull market is similar to 2017, because many cryptocurrency supporters believe that the 2013 bull market is more consistent with current trends.
“The two big mountain peaks are 8 months apart”
BTC has experienced better days. A month ago, the price reached US$64k per token, but four days ago, the price of BTC fell to its lowest price point in 2021, at US$30066 per unit. This was a loss of 53.66% in one month, but the price of Bitcoin managed to surpass the lowest point. However, on Sunday, the Bitcoin (BTC) price fell to a low of $31,107, and the price was again close to the bottom low. Since this market massacre occurred, the surrender has once again aroused opposition from BTC haters and pessimists, who said: “Bitcoin is dead.”
“The pumper who assured investors that Bitcoin would never collapse again now claims that this collapse is healthy and necessary to clear the market from excessive speculation,” Peter Schiff write on Sunday. “They said that with the implementation of stricter regulations by other governments, China’s ban on Bitcoin is optimistic. Denial is not just a river in Egypt,” he added.
Some skeptics and pessimists stated that BTC peaked at a price of $64,000 per coin, and the market is now entering another “cryptocurrency winter.” Many speculators say that the bull market in 2021 is similar to the bull market in 2017, and the bearish consolidation of 2018 has now surfaced. Despite these theories, some people believe that BTC’s current performance is more reminiscent of the 2013 bull market. On Sunday, Youtuber and cryptocurrency supporters said “Colin on encryption“He said on Twitter that he believes the current trend may be similar to the rise of Bitcoin in 2013.
“If Bitcoin’s 2013 double top behavior occurs again, we may set the final price peak in December 2021 or January 2022,” Colin Tweet. “In 2013, we experienced the Bitcoin double top, 8 months apart, there were two main peaks. Please note that this is more than the four-year period between the two halving cycles (which is the main catalyst for the Bitcoin bull market) Much less.” Colin also write The record price of Bitcoin broke through $255 in April 2013 and hit an all-time high (ATH) in December 2013 at $1,150 per unit.
“This run feels more like 2013 than 2017”
Similar to 2013, this year there are some Chinese rumors talking about the so-called crypto trade ban and stopping crypto mining. Joey Krug, Joint Chief Information Officer, Pantera Capital Tweet The report on the situation in China on May 21 said: For those who are not familiar with encryption technology, we are now in the mid-market cycle. We are in the stage where China “banned” Bitcoin 3 times. Occurs in every cycle (2013, 2017, 2021). ”Muneeb Ali, the founder of the Stacks ecosystem, also Tweet:
Called in 2013 and hoped that its story about China’s mining ban will reappear.
100k before August
-Crypto White Walker (@cryptowhitewalk) May 9 2021
In addition to China’s FUD, many Bitcoin supporters also agree with Colin Talks Crypto’s assessment and believe it is similar to the mid-term of the 2013 bull market. Rise in a straight line. Until this month, Bitcoin has been rising for six consecutive months. It looks like the midway decline that we also saw in 2013 and 2017. “
I keep saying that this situation looks more like 2013 than 2017, but who knows, I’m just sharing the meme chart here.
As Schiff said, even if the price of BTC has fallen by half, most BTC supporters are still very optimistic about the future price. Most enthusiastic Bitcoin supporters on Reddit forums and Twitter still believe that the current decline is just an intermediate cycle. Civic CEO Vinny Lingham (also known as “Oracle”) said on Sunday that BTC looks like a good deal.
Lingham tweeted on Sunday: “Now, the Sharpe ratio for long BTC looks 2.5+.” “The downside was supported at the previous $20,000 ATH, and the upside may retest $63k. Assuming that the ESG narrative does not It will further shake the market. This looks like a good Bitcoin transaction.”
What do you think of people’s assumption that this round of operation is similar to the 2013 bull market? Let us know your thoughts on this topic in the comments section below.
Tags in this story
2013 Bitcoin operation, 2013 bull market operation, 2013 China, 2017 bull market operation, Bitcoin bull market operation, BTC 2013 bull market operation, China ban, China FUD, Colin Talks Crypto, Joey Krug, market update, market and price , Muneeb Ali, Pantera Capital, Peter Schiff, Plan B, Chimney Ecosystem, Vinny Lingham
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Colin Talks Crypto tweet/chart,
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