Topic: Two Years Ago, Bitcoin Was Over $19,000 — What Happened? - page 7. (Read 1837 times)

At first I am looking for adequate arguments regarding bitcoin's high price, why do we need it? Doesn't current supply and price meet demand requirements? Do you had any problem in using bitcoin because of current price? Were you unable to send/receive btc? I think in overall even current price and lower is 100% enough for bitcoin usage but we all want high price because people look at bitcoin as an investment option and to profit from investment, yes, we need higher price of bitcoin.
Let's remind what was the cause of price rise in past? Halving. Why? Because in overall there was very positive look regarding to this event and people thought this: Halving means reward will be 1/2 of current one that means mining will be unprofitable and we need miners in order to get transactions confirmed so we need higher price to make mining profitable and get profit from your bitcoins. And then boom, bitcoin reached unbelievable 1000$ that was sensation at the moment and was pointed that our goal was achieved but somehow we didn't stop there and continue rise, we reached 2000$ despite the fact that still had some lows but finally what was happening was rise and we reached 20K USD.
I expect the same, today we had almost 10% rise and that's great result, this means people haven't lost hope in better price and that halving is coming, will be interesting to see tomorrow's situation and in overall what will happen this month. I think we will see rise after the Christmas.

In any case, what happened in 2016 and 2017 is fundamentally different from the current situation in the cryptocurrency market.  The fact is that 2 years ago there was a very active advertising campaign for cryptocurrency and the ability to quickly earn a lot of money.  These words have always been confirmed, because not only investors who bought tokens of new projects at a 50 percent discount during pre-sales, making huge profits a few weeks after listing, but participants in the Bounty companies had the opportunity to earn several thousand dollars for only one Bounty  company.  After the market started a bull run and Bitcoin began to rise rapidly to $ 20,000, people wanted to invest in bitcoin, relying on forecasts that sounded $ 50,000 and $ 100,000 for bitcoin.  But the market fell and many people lost their money, which they took on credit and sold their real estate, if only to invest them in cryptocurrency.  Now, many investors are wary of investing in the cryptocurrency market and carefully choose projects, while withdrawing cryptocurrency into real money at the slightest danger.

The true cause of the frequent change of the market value of bitcoin is not really known and understood but since the whole network of the bitcoin blockchain network is decentralized, it is assumed that the price changes of bitcoin is based on the principle of demand and supply. During the year which the market value of bitcoin was $19k, I was assumed that the demand for Bitcoin was more than the rate at which Bitcoin was been supplied. Since the demand was more than supply, it affected the market value of it. But for some time now, the demand for Bitcoin is below its supply causing the drop in its market value. This has been the only underlining concept behind the changes in the market value of Bitcoin..  

So you are lucky enough to make a profit from that time, I also tried to grab that opportunity to make something and obviously, that was the golden moment for Bitcoin, A lot of people made a huge profit during that peak moment of Bitcoin, But one thing you should also remind that just before one the year of 2017, Bitcoin price was below 1k$, so how could happen that scenario within a short time, and really it's a surprising issue that after that effect we could not find another market bull, that is why it made me astonished about the recent time's happening of this market. who knows when it comes again?

Hi, newbie here to give my two cents. I agree that there is a cycle to things of value and a few factors in 2017 has contributed to its high that year. However, I also believe that bitcoin is fundamentally treated as digital gold. The commodity tagged to bitcoin resulted in the fluctuating prices but ultimately, it is a supply and demand game. As long as demand for bitcoin is not high, the price will remain low.

So how do we create demand? I believe the utility of bitcoin needs to expand, it needs to be used for payments or transactions, bitcoin needs to serve its purpose of being created in the first place. However, till now, only a handful of merchants or businesses accepts bitcoin as payment. If only the big players that benefited from the 2017 bull would establish businesses that accept bitcoin as payment, creating an economy around bitcoin?

An even more far-fetched idea, maybe establish a town that uses bitcoin as the only accepted currency? That will be awesome! Maybe cause I am still new to the scene, I find the possibilities extremely exciting.

There is a cycle after all, there is no forever bull run or bearish market. The trend is always changing, it was 2 years ago and it is the time where the market is healthy. The market crashed recently and it is why the trend is bearish but it is normal after all because I'm sure that it will turn into bullish. It is better to accumulate now many bitcoins in order for us to gain profit when the bull market comes.

It was just a cycle, first bull run, majority of us are not here yet. However, after that everyone wants to jump on the bandwagon so there's a lot of first during 2017.

(1) Japan entered the picture, pushing the price even further
(2) CME and CBoE bitcoin future contracts in December

Those two are really the factors that really push everything in 2017, even it has positive effect on the ICO, airdrops, bounties are profitable. People are making tons of money, so it was really a price discovery process for everyone. Crypto enthusiast are elated and everyone thinks that this is good, but some knows that it won't be sustainable. So they started selling at the peaked and then panic, noobs was trap, but still they didn't know the market well, so they also cash out with a loss. So it's going to be cyclical at less everyone is ready now for the next bull cycle.

11 months ago bitcoin was $3,600, now look at the price. I'm doubting that the next big bull run will happen anytime soon because people were stupid back then, they thought that Bitcoin is a get rich scheme investment which pulled a lot of people, even non-investors, into investing into Bitcoin. That cause the Bull run to reach $19,000.

pumps like 2017 are really expected to return, and maybe if the pump happens again it could have reached a new peak price. waiting is something that can be done right now because I also don't believe 100% that the coming year can provide pumps like 2017, but I am sure that price movements can improve in that year.

You can't expect the market to always peak and at that time everything is overvalued. So many shitcoin have the high price it doesn't deserve as a result bitcoin got affected and then emerge the negative stigma of bitcoin among people with the bearish market that unfortunately drive down the price so hard. Right now the market is being stable, though it's always in my favour if it could repeat the history again and somehow could keep up or even better improving the prices.

You are right it might come or will not, since as you said people and the market is mature enough , during those times people get hype and though it will continue to go up, but never happen , since its clearly a bit manipulated, maybe we will witness this bull run , but when will be a bit hard to find out because, there are things to be consider before it happens specially these times

yeah right, two years ago it was our heyday here, everything was easy ... but after that everything changed, let alone selling bitcoin at a high price, getting altcoin with a bounty is already very difficult ... !!

no one knows what will happen in the future, everyone has different predictions about bitcoin, even then nobody thought that bitcoin could reach nearly $ 20,000, because at that time prices continued to rise and almost never went down, so that in a short time bitcoin can reach almost $ 20,000, I hope that time like that can be repeated again.

I think, you only can say this because of previous dumps happening on Bitcoin especially fall from $19,000 upto below $4,000..
Although that is also unbelievable but for what I saw, that is just an correction for the parabolic run upto $19,000.

But you also have a point when you say the market has matured enough, I also think that. But still, majority of us still hoping a new all-time-high.

You were either very smart or really lucky if that's what happened, but good on you if you made a profit. 

It was pretty clear in 2017 that the bubble wouldn't be able to sustain itself, and it was obvious to me that that's what it was, a bubble.  Bitcoin, altcoins, tokens, everything was just going up all the time and people were going crazy about all things crypto.  Unfortunately I wasn't much of a hodler in 2017 so I didn't take advantage of the madness, but I'm sure a lot of people did...and a lot got burned by the market as well.

And then here we are today, still recovering from that insanity and it doesn't seem like bitcoin is ever going to grow some legs again.  But the market is still higher than where it was at the beginning of 2019, at least for bitcoin.  Altcoins are still struggling, but those will probably showing some life next year.

you have a point on that statement! people need to learn the true value of bitcoin. most of the users who learned and bought only at the end of 2017 were the ones who thought that bitcoin is an easy money-making investment. but they were wrong!
in 2018, a lot of people learned about crypto in general. with so many crap projects created and ended, people who lost money, people who were deceived by glittering promise of passive income, high returns, etc
but even after all these hullabaloos, bitcoin still stand strong and the adoption is growing. we just need to learn in a hard way that bitcoin or crypto is not a road to get-rich-quick life!

Though 2018 was more like a market correction. But FUDs, FOMO and unrealistic prediction and speculation is what happened, is it major influence.
People good at overhypeing most Bitcoin activities or events to faults.
The price of Bitcoin will pump again and it will cross more than 2017 prices but again it 'will' dump to certain amount. And its because people's are controlled by their emotions.

Everyone has their own theory but I also have mine, it does not mean that i am not open for another theory but I really think manipulation is the cause of them all. Well, I am also not saying manipulation is bad for what the market has become because without the pump and dump, BTC would not even reach $1,000 IMO.

Timing is just necessary here, let's not be greedy, we just have to sell at the right time.

Bitcoin during the last bull gives a good price but it was due to hype so price was overvalued and obvious correction is due to happen, however some did not see that coming, so they loss,... maybe the next bull run might be a little harder due to that bad experience.

People expecting more from a highly-inflated and artificial price do not understand that that wiuldn't and shouldn't hold out for much too long. It's bound to happen anyway considering that no new money can be injected towards bitcoin. See, I still believe that bitcoin has proven that its pricing is cyclical and it will always have its ups and downs and will continue to post records even if people themselves don't believe in such.

We should be thankful that a bear market happened after that $19,000-$20,000.

Without it, people will just think that bitcoin is an easy money scheme, there will be lots of ICOs without use-case gathers money from people easily, people will think of selling every their assets just to put on bitcoin, bitcoin will not act as a currency but more likely will be used in ponzis and many more on which we don't want to happen.

This also proves that the 2017 run is complete manipulation and just a hype. That run was unhealthy and we all witnessed what happened after that. We do now have a reference on what to if ever the same thing will happen again.