There is no demand for Bitcoin. We’ve had net sellers for 9th months, so inventory exceeds demand; more people are interested in selling Bitcoin than buying Bitcoin. Until this changes price will go nowhere but down.
So conditions today are far better than when price was at its high, yet price has gone down the past 9 months. Ask yourself why price has declined, and what is needed for it to increase. And I don’t want to hear someone say it’s because we are in a bear market, and Bitcoin always does this. That is nonsense. Price does not decline because it’s in some rhythmic cycle. Price declines because demand at said price is not viewed as fair, so sellers have to accept lower prices to move their inventory, and this repeats itself until demand at said price exceed supply.
Also, the Bitcoin market today can not be compared to what it was a year ago, or 5 years ago when it was traded among friends like a penny stock. That’s like comparing the trading behavior of Amazon when they were a online book seller to Amazons current trading behavior.
Understand that markets evolve and change, and the products in those markets change. Until Bitcoin futures, it was a 1 sided market. Now the product can be shorted. This changes the price behavior of a product, which goes to my point above. You can’t look at the past price to predict the future price, when variables that did not exist back at those past prices, are not present today. Upvote for upvote