Bitcoin prices have been dropping over the past couple of days, though a few analysts are claiming that the slide had an expected start date, and isn’t necessarily deflationary in nature. The reason for the drop? BTC supporters refer to it as the end of the mid-bull run, as the price was expected to go up gradually until November 2019, when it would enter a downward trend for 10 months and then rise again. The end of the downward trend would be in 2020, before starting a new bull run
The Bitcoin price has seen a significant decline over the past few hours, with the price moving to a low of $7,450. The decline is seen as a break in the current bull run, with BTC supporters predicting a return to previous highs. However, some are concerned that the price may have fallen too far, especially given the significant similarities between the current bear run and the 2013 BTC bull run.
The cryptocurrency market has been in the news a lot lately, but it’s not the kind of news that most investors want to hear. There’s near-daily coverage of the price crash and how the future looked so promising just a few months ago. However, there’s one altcoin that many investors are keeping their hopes up for: Bitcoin. The BTC supporters call the current dip a normal mid-bull run break, and some are even starting to talk about a possible 2021 Bitcoin chart pattern that could follow a similar pattern to the 2013 bull run. If that happens, it could be the biggest crypto news of the year.. Read more about crypto bull run 2021 reddit and let us know what you think.After bitcoin hit a high of $64,895 per unit, speculators and skeptics think this may have been the culmination of a bullish surge and that the next bearish surge, similar to 2018, will begin. Sunday, the 23rd. In May, the price of bitcoin fell to a low of $31,107, and the bears managed to take the reins for a while. However, not everyone is convinced that the current crypto-currency bull run is comparable to 2017, as some crypto-currency proponents believe that the 2013 bull run is more in line with current trends.
Two large peaks at an interval of 8 months
BTC is experiencing better times right now, a month ago the price reached $64k per coin, but four days ago the price of BTC dropped to its 2021 low at $30,066 per unit. That’s a whopping 53.66% loss for the month, but bitcoin prices managed to climb a hair above the bottom. However, bitcoin (BTC) prices reached a low of $31,107 on Sunday, with prices approaching another lower low. Since this massacre on the market, the capitulation has prompted critics and opponents of BTC to declare again: Bitcoin is dead. Pampers, who assured investors that bitcoin would never crash again, now argue that a crash is useful and necessary to rid the market of excessive speculation, writes Peter Schiff on Sunday. You say China is banning bitcoin while other governments are imposing stricter rules, that’s bullish. Denial is not just a river in Egypt, he added. Chartshared by Colin Talks Crypto on Twitter. Some skeptics and naysayers said that BTC had peaked at $64,000 per coin and that the market was entering a new cryptocurrency. Many speculators believe that the 2021 rally is similar to 2017 and that 2018 was a bearish consolidation. Despite these theories, there are those who believe that BTC’s current growth is more reminiscent of the bullish growth of 2013. On Sunday, a Youtuber and cryptocurrency advocate named Colin Talks Crypto tweeted that he thinks current trends could be similar to the rise of bitcoin in 2013. If bitcoin’s double top behavior in 2013 repeats itself, we can expect a definitive price spike in December 2021 or January 2022, Colin wrote on Twitter. In 2013, we saw a double top for bitcoin: two major highs within 8 months of each other. Note that this is much less than the 4 years between bisection cycles (which are the main catalyst for bitcoin’s upward growth), he added. Colin also wrote about the reported price of bitcoin in April 2013, which reached $255, and in December 2013, when it reached an all-time high (ATH) of $1,150 per unit.
This race looks more like 2013 than 2017
As in 2013, several rumors emerged from China about an alleged ban on cryptocurrency exchanges and the suspension of cryptocurrency mining. Joey Krug, co-CEO of Pantera Capital, tweeted on the 21st. May on the situation in China and said: For those not familiar with cryptocurrencies, let’s just say that we are in the middle of a market cycle. We are in the part where China has banned bitcoin 3 times. Occurs every cycle (2013, 2017, 2021). Stacks Ecosystem founder Muneb Ali also tweeted: He called in 2013 and asked for his articles on China’s mining ban to be returned. 100,000 in August. – Crypto White Walker (@cryptowhitewalk) May 9, 2021 In addition to the Chinese FUD, a number of bitcoin supporters agree with Colin Talks Crypto’s assessment and believe we are in the midst of a bull run similar to 2013. Bitcoin.com News wrote about Plan B that it discussed the deals when it said: Nothing grows in a straight line. Bitcoin has risen 6 months in a row until this month. This is similar to the average decline we also saw in 2013 and 2017. The popular Twitter account Crypto White Walker also noted: I said this race was more like 2013 than 2017, but who knows, I’m just here to share memes. As Schiff said, it’s true that most BTC supporters are still very optimistic about future prices even after the value has halved. Most avid bitcoin advocates on the forums of Reddit and Twitter continue to believe that the current decline is just the middle of a cycle. Civic CEO Vinny Lingham, also known as Oracle, said Sunday that BTC looked like a good deal. The Sharpe ratio for long BTC positions is 2.5+ right now, Lingham tweeted on Sunday. The downtrend stopped at the previous ATH of $20k and the uptrend could lead to a retest at $63k. That sounds like a good deal for bitcoin, assuming the GSS story doesn’t further shake up the market, Lingham added. How about the speculation from people who think this race is similar to the 2013 bull run? Let us know what you think in the comments below.
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2013 Bitcoin Run, 2013 Bull Run, 2013 China, 2017 Bull Run, bitcoin bull run, BTC 2013 Bull Run, China Ban, China FUD, Colin Talks Crypto, Joey Krug, Market Update, Markets and Prices, Muneeb Ali, Pantera Capital, Peter Schiff, Plan B, Stacks Ecosystem, Vinny Lingham Photo credit: Shutterstock, Pixabay, Wiki Commons, Colin Talks Crypto tweet/scheme, Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The cryptocurrency bear market has claimed another victim and this time, it’s the King of Crypto. Bitcoin (BTC) lost another 9% today and is now trading at the $3,900 level on Coinbase. The week started on a bad note when BTC fell below the psychological support level of $4,000 for the first time since November 2018. The sell-off was characterized by strong volumes and has left many market participants concerned about the possibility of a sharp decline to the next support level at $3,000.. Read more about how long will this crypto bull run last and let us know what you think.
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