What does Bitcoin's crucial year teaches us? - page 2.

Kemarit

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Quote from: GreatArkansas on November 25, 2020, 08:16:43 PM

Quote from: Twentyonepaylots on November 25, 2020, 03:26:23 PM

What made this year for bitcoin to be in crucial situation is because of the pandemic, I honestly didn't expect bitcoin to reach this high since the world is on trial with the pandemic but bitcoin did the unexpected and that teaches us all that it is not really predictable.
(....)

I think the pandemic is just a bonus for Bitcoin this time.
Since if you will compare on the previous chart, the Bitcoin block halving is one of the significant keys of this pump, if you check previous charts, Bitcoin is doing a huge pump for every after of Bitcoin block halving, Bitcoin is creating a new all-time-high every time after block halving. I also think this year or next year, we may see a new all-time-high for Bitcoin.

I don't know if the pandemic is bonus for Bitcoin or not. Maybe what it really does is magnify how it recovered by from and then we have the blockchain halving more of the catalyst of the bull run this year and subsequent bounce from the covid-19 effect.

Just imagine if there is no pandemic, maybe we are already in a new all time high. Nonetheless, we are almost there, pandemic is just a trial that we have passed already. So everyone is looking forward for a bull run starting last quarter of this year up to 2021.

Innerpumper

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Bitcoin is one of the best investments in my opinion. It's just that some people are still afraid of their existence which makes bitcoin sometimes untrustworthy in society. hope bitcoin will be $20k in a few days

GreatArkansas

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Quote from: Twentyonepaylots on November 25, 2020, 03:26:23 PM

What made this year for bitcoin to be in crucial situation is because of the pandemic, I honestly didn't expect bitcoin to reach this high since the world is on trial with the pandemic but bitcoin did the unexpected and that teaches us all that it is not really predictable.
(....)

I think the pandemic is just a bonus for Bitcoin this time.
Since if you will compare on the previous chart, the Bitcoin block halving is one of the significant keys of this pump, if you check previous charts, Bitcoin is doing a huge pump for every after of Bitcoin block halving, Bitcoin is creating a new all-time-high every time after block halving. I also think this year or next year, we may see a new all-time-high for Bitcoin.

Darker45

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It all depends on how you perceive it. How you look at Bitcoin's price movements is subjective. What is objective is the fact that the price of Bitcoin is rising and falling all the time. Whether you are optimistic or pessimistic based on the movements is all up to you.

Based on your figures, you could argue that despite the low points there are always high points that counter it. However, you could also argue that despite the high points things could still end up in the low points. You say Bitcoin was $216 in the opening of 2015 but ended up at $464. But it is also true that Bitcoin opened the year 2018 with $17,635 but closed it at $3,164.

Dave1

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I think bitcoin have seen or experience bubble in the past. So what it teaches us is that once the bubble has been burst then obviously it will be followed by a long bearish trend that can make or break a certain investors. So enjoy when we hit the peak of the bubble, but at the same time prepare for a bearish trend as well.

That's why there are proponents of a '4 year cycle', a theory attached to the bitcoin block halving as well, we can read it here, Bitcoin - The 4 Year Cycle.

AmoreJaz

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Quote from: Twentyonepaylots on November 25, 2020, 03:26:23 PM

What made this year for bitcoin to be in crucial situation is because of the pandemic, I honestly didn't expect bitcoin to reach this high since the world is on trial with the pandemic but bitcoin did the unexpected and that teaches us all that it is not really predictable. Yearly bullrun isn't real, it is a mindset of people that bullrun is real, if that makes sense. The year is nearing to an end, where do you see bitcoin in the end?

this pandemic did really test the bitcoin market. but with this crisis, it showed the true potential of btc and/or crypto in general. for people or merchants looking for alternative payment options, they now realize that crypto has high potential on this aspect. as many are converting to digital payments and avoiding the use of fiat, they now appreciate the presence of crypto. and for those that are still in doubt about the legality of btc, they were now assured by the paypal's integration of crypto in their ecosystem.
many have had doubts about btc or crypto, because a lot of them are hearing negative news from the media outlets - hacking, scamming, used in illegal activities such as terrorism etc but once they heard the news about big companies such as paypal and billionaires joining crypto, i guess a lot of them changed their mindset towards crypto
this year alone, teaches us a lot of things, for both believers and newcomers. right now, btc will stay in the market and will continue to earn more supporters

hatshepsut93

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The fact that Bitcoin recovered from many previous crashes or that it's better than any other cryptocurrency can't serve as an argument against it being in a bubble, because there's no connection between those things. Bitcoin is most likely in a bubble, because the price rise is drives by speculation and not some fundamental breakthrough, the price is also rising very fast in very short time, which is one of the biggest signs of a bubble.

You probably misunderstand what being in a bubble really means - it doesn't mean that Bitcoin is worthless, it just means that it is overpriced due to the market acting "irrationally". It happens with other assets too like stocks or real estate or commodities.

Twentyonepaylots

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What made this year for bitcoin to be in crucial situation is because of the pandemic, I honestly didn't expect bitcoin to reach this high since the world is on trial with the pandemic but bitcoin did the unexpected and that teaches us all that it is not really predictable. Yearly bullrun isn't real, it is a mindset of people that bullrun is real, if that makes sense. The year is nearing to an end, where do you see bitcoin in the end?

Wysi

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Quote from: passwordnow on November 25, 2020, 03:09:53 PM

Quote from: Wysi on November 23, 2020, 11:42:29 AM

Lowest in 2018
$3164 - 15th Dec 2018
Highest in 2018
$17635 - 6th January 2018

The lowest for 2018 is correct but the highest on January 2018 was just after the bull run but, that still counts for the comparison.
By next year it's possible that we get to see a higher low by that time but I'm positive that there will be a massive breakout which will make bitcoin reaches another ATH.

Yes, thanks for corrections as that was post Bullrun and the begining of downfall for bitcoin as well as other altcoins except Ethereum which survived for a little longer, if we look at current Bitcoin price it we might see new ATH within the end of this month as the previous ATH is hardly $1000 away, let's hope those who missed out last time don't repeat the same mistake and also don't make same mistake of investing at peak🙂

passwordnow

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Quote from: Wysi on November 23, 2020, 11:42:29 AM

Lowest in 2018
$3164 - 15th Dec 2018
Highest in 2018
$17635 - 6th January 2018

The lowest for 2018 is correct but the highest on January 2018 was just after the bull run but, that still counts for the comparison.
By next year it's possible that we get to see a higher low by that time but I'm positive that there will be a massive breakout which will make bitcoin reaches another ATH.

Wysi

sr. member

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Quote from: Baskeyairdrop on November 24, 2020, 11:13:13 PM

I like that you ended it with some other crypto have better future than bitcoin. My thought to this is the patient ones enjoy more during this period. You buy when it goes very low and patiently wait till this moment when it gets really high to sell..
Funny enough, greed would still make a lot of people loose the chance to sell this time around because they would have set a very high benchmark which bitcoin would not get to and when it starts to fall, they won't be able to sell anymore.

Yes, patience is key when it comes to Bitcoin or crypto in general, indeed long term investors get what they deserve and everyone should understand and come out of the perception that they can get rich in a day or few trades by buying at low and selling at high because most of the time the market will be bearish throughout the year and during this phase, most of the people would give up and sell it off only to regret later. Only experience and knowledge will help people to come out of their perception that they can become rich overnight.

Baskeyairdrop

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I like that you ended it with some other crypto have better future than bitcoin. My thought to this is the patient ones enjoy more during this period. You buy when it goes very low and patiently wait till this moment when it gets really high to sell..
Funny enough, greed would still make a lot of people loose the chance to sell this time around because they would have set a very high benchmark which bitcoin would not get to and when it starts to fall, they won't be able to sell anymore.

Wysi

sr. member

Activity: 1638

Merit: 261

This is for those who say that Bitcoin is a bubble, it feels proud to be a believer of Bitcoin I wish you would have added those bearish years wherein the value of Bitcoin dropped beyond imagination wherein most of the user thought it was the end of bitcoin before it pumped back.

I have listed the Bitcoin lowest point followed by pumps as it will help others to understand how Bitcoin has survived and bounced back.

Lowest in 2015
$216 - 5th Feb 2015
Highest in 2015
$464 - 19th December 2015

Lowest in 2018
$3164 - 15th Dec 2018
Highest in 2018
$17635 - 6th January 2018

Lowest in 2020
$5032 - 17th March 2020
Highest in 2020 (till 23/11/2020)
$18891 - 21st November 2020

I hope this will give you all a clear picture that every three years we there will be huge market fluctuations and make most of it. Bitcoin is not a bubble but the most trustable crypto that's why no other crypto can overtake it even though some have better features than Bitcoin.

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