One thing that is quite relevant during bull runs in the crypto markets is the amount of related reports dedicated to Bitcoin from crypto related media outlets, to its spectacular price performance and to blockchain technology as well. What is totally irrelevant in my opinion is the way some outlets are interpreting data often leading to misinformation for their consumers.
Lets take for example this current spectacular price appreciation for BTC that we are witnessing. After the halving, BTC has quite fast conquered the $10,000 area and it has consolidated between $10k and $12k for over three months. Meanwhile alts have had their occasional parties and it seemed that the previous bull market pattern might not be valid any longer, but once again BTC is leading the trend proving the exact opposite.
I would also invalidate the BTC 2017 bull run comparison with the current one and I have one strong argument for such invalidation, and that is totally different time frames. When Bitcoin rallied from $8,000 to $20,000 in just one month, it happened right at the end of the bull market. The previous halving for BTC occurred on 7/9/2016 and bitcoin reached its peak almost one and half years after the halving. Six months after that halving and BTC was still under $1,000, less than $300 more from where it was standing at the halving.
The third halving for BTC took place on May 11, 2020 and we're just six months past the halving. Yes, bitcoin is indeed showing quite strong bullish signs and madness, but we still have about one year left from this bull market, hence what is the point of comparing the bull run from 2017 with the one we are currently in. I am strictly referring to bull runs comparisons, not the two bull markets, as the current bull market hasn't ended.
The rally from the end of 2017 was the last one for the after the second halving bull market and this rally that seems to be pushing BTC to $20,000 faster than we expected, occurs in the first six months of the after the third halving bull market. TOTALLY DIFFERENT TIME FRAMES making the comparisons definitely irrelevant.
BTC has way more ground to conquer to the upside and the bull market after the third halving is just six months old, although the price is at the levels of the end of 2017 bull run and 2016-2017 bull market. If the pattern/history will repeat, we will see the new peak for BTC sometimes in November 2021. That's when we could compare BTC's price action with the one from the end of 2017. Other time frame comparison is irrelevant, completely irrelevant.
If any comparison of this current price appreciation of BTC would make sense at all, then we should look at the one from December 2016 to February 2017. That's when BTC was half a year away from its second halving and that's the only time frame that is worth comparing with our current one, as BTC is about six months away from its third halving. News outlets, and even crypto influencers on twitter, are nowadays comparing this current BTC bull run with the one from late 2017 which is again ABSOLUTELY IRRELEVANT, once again proving how manipulative and often misleading mainstream media is.
The current bull market for BTC which will probably last for one more year has way more powder on the lines to be shot at the moon for BTC, and we are far far away from extreme greed and euphoria which defined what we experience in late 2017. In my opinion, we are currently witnessing the time of accumulation for smart money right now, and we're somehow in a disbelief stage of the four year cycle of the market, where dumb money simply can't believe what's happening and how close is BTC to its previous ATHs. Yes, it is rallying, but it's just warming up for what's yet to come, and anything similar to late 2017 will for sure occur in a year from now. Hold tight and enjoy the ride.
Thanks for attention,
Initially Posted Using LeoFinance Beta