Twitter is currently debating that Bitcoin peaked in its recent bull run just two years ago – nearly $ 20,000. What does the youngest bear market mean for Bitcoin?
Some believe that the beginning of the end has come … others are completely unconcerned. Is the truth in the middle?
Between panic and euphoria
The theme of Rob “Crypto Bobby” Paone kicked off. In a tweet he wrote about the market price of Bitcoin and Ethereum two years ago.
Although he does not comment on it further, many users click in and analyze the bull run at that time – and where we are now. Many responses remind that, like every bull run, there has been extreme hype and relative chaos.
Two years ago to the day …
People were saying that you shouldn’t be taking profits, that you were going to “miss the real pump”, and that you had “weak hands” if you were selling anything.
Of course, the most passionate bears are now activated by Bitcoin’s fall in prices. Many claim that Bitcoin and Ethereum would collapse completely. Again and again the story is dug out that this decline is due to the fact that the coins have “no intrinsic value”.
Obviously, not everyone has panicked – and many traders are well aware that bear markets will always be part of the larger cycle. If you look at the Bitcoin price on a long scaled logarithmic diagram, you can see: This was just the return to a much longer ascending trend line.
Should the price be significantly lower, this could lead to a change in market growth. For now, however, there is no need to worry too much. There is even ample evidence that large whales are buying Bitcoin at this level and that accumulation is in progress.
Nobody can really say where the market is going next. If you only look back two years, the situation looks bleak. If you zoom back another two years, the perspective changes, however. And things looked quite different a year ago: Bitcoin was worth 80% less than it is now.