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Originally Posted by rawkstar2k
Just curious to get some opinions about bitcoin and its future value. The bull run of 2017 brought Bitcoin and crypto in general to the mainstream and it was all that people would talk about. Before the bull run, crypto exposure was relatively small and unknown to wider audiences (even during the many mini bull runs and bear markets prior to 2017).
How do you think the bull run that Bitcoin experienced in 2017 and its subsequent decline will affect future prices, especially considering the fact that Bitcoin and crypto already dominated mainstream media and has been exposed to the masses? Many people on YT are saying just look at previous market trends and that these ups/downs are normal, but the main factor they are not considering is the exposure that bitcoin already had in 2017 that it didn't have in those previous years.
At this point, I don't see an ETF being approved anytime soon, so if a bull run does happen, won't its beneficiaries be top alt-coins that have a real-world use case? Not trying to spread FUD, just genuinely curious and would love to hear opinions.
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Your mindstate is the same one I have. Previous market cycles never factored in mainstream adoption. 2017 was the first real public hysteria, and could very well be the last.
Previous market performance is not always indicative of future movement.
The main problem the market has is that at current and higher levels, there's a lot more market liquidity needed to prop up prices. And even more needed to push prices past critical resistance levels and keep them there. That's why we keep seeing price rejections and huge market dumps.
There are still a ton of people with soured tastes who bought in high and will, at any given second, cash out when they can achieve a relatively reasonable loss margin.
I'm a daytrader so I'm refraining on longterm price speculation. I just know that it's going to take a lot to push this thing back to even the 10k level. Anything is possible, though, especially with whales able to be market movers in an unregulated market.