Im bullish on Bitcoin and hate central banks as much as the next guy but i see a lot of people comparing this latest crash to the past crashes. Sure BTC always continued higher after, back then BTC was not mainstream and had a tiny market cap not to mention the price was affordable in newbies eyes as they could still afford 1 btc and a lot less alts to choose from. Im aware that only a small percentage for people own crypto still.
Now that it is mainstream, market cap needs huge amounts of money to grow, hardly any now people to discover Bitcoin, less affordable per coin and a lot of competing alts BTC might take longer then we think to recover.
Maybe im just over thinking it, maybe im just wrong but its something to consider.
Im still hodling !!
Let me know what you think :)
Remember to upvote :)
There are lots of similarity from previous crashes. The bitcoin/crypto starts getting positive price related media attention and it rises like it's never going to stop. New people follow the hype and invest in the currency. After a while the bubble grows and it pops.
Now there is negative press and price fall by a margin of 60-70%. Then people start calling the end. Media attention goes away. Prices get corrected and stabilizes.
Definitely over time market size has increased but still it in early stage and very volatile. The newbie money follow the hype and give no shit about the technology. So, when people around them says it's dead they believe them.
yes the media is a big influence lets hope you are right :)