A lot of people here have experienced crypto crashes before. Does this "seem" normal to you? If yes, where do you think we will be in late 2021 pricewise?
I've been in the game quite a long time, mined my first 2.2 BTC with GPU cards in a short time
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This is my take on the situation based on the past.
When an ATH hits it is after a period of stupid euphoria. This is when your parents and colleagues ask you how to get into Bitcoin.
Then the bear market slowly starts and then it keeps on going down. Then the hammer comes down hard.
I know we hit the bottom when even I start losing faith, which has been a while back. Because I've seen it all before I'm ok with it.
Usually it dumps 3 to 5 times after you think the bottom is in.
This is what has been happening the last year or so. I do think we will be close to or at the bottom.
What then tends to happen is that Bitcoin stabilizes even if still slowly going down.
Then the trend will slowly go horizontal and then even up slightly.
I will call this the sideways period. This can take quite some time (maybe 2 years).
Usually most people lose interest because nothing seems to be happening.
The trend will go bullish but not at a fast pace. Most will not notice it happening.
Eventually the price will gradually rise, nothing major.
During the rise we will continously have people exiting because they still want to cut their losses especially just before or above the previous ATH.
After all weak hands have dumped on the upwards trend the true believers will remain and the pace will pick up more and more rapidly.
Then we will go to a new ATH.
... the cycle continues again ....
So 2021 I will predict that we are in a slight stable upwards trend. Maybe at $5k or so. I hope better but I'm being cautious.
I'd rather say $20k but I'd rather be wrong with my $5k
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