This Current Bitcoin Cycle Looks a Lot Like 2017: Some Hopium Maybe?
Is history repeating itself? The current Bitcoin cycle is reminiscent of the 2017 cycle, a huge surge which was succeeded by a daunting bear market. Is there hope for this new cycle, especially after recent price setbacks?
— Crypto Michaël (@CryptoMichNL) March 9, 2020
Traders can draw hope comfort the fact that the market already experienced the boom and bust of Bitcoin. The market is likely more resilient and can weather through the shortcomings that befall the cryptocurrency.
Slow and Steady
Unlike 2017, traders can draw hope from the slow and somewhat steady rise of Bitcoin. The cryptocurrency has maintained an upward trend despite the price corrections along its path. If the price movements continue in this pattern, traders can rest assured that they will at least profit from future sales of the cryptocurrency.
However, the market needs to be aware that its influence on the price of the cryptocurrency will determine the future of the asset.
Panic Selling and Excited Buying
Recently, the Coronavirus fears have led to mass panic selling in more traditional markets, and this has continued to spill over into the crypto markets as well. Many are leaving the cryptocurrency as it has failed to live up to the hype that analysts had predicted for 2020. The effect of the panic sale was a drop in price as there were many willing sellers in the market.
In 2017, there was excited buying of Bitcoin which led to its astronomical price jump; panic selling resulted in the bear market that followed. Traders must learn from these incidences that the market’s “group mentality” maybe its undoing. Proper trading strategies and patience are required if Bitcoin is to weather any upcoming storm.
Featured Image Source: The Elixir
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org