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Author Topic: Two Years Ago, Bitcoin Was Over $19,000 — What Happened?  (Read 1753 times)
akirasendo17
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December 19, 2019, 01:07:29 AM
 #21

You are right it might come or will not, since as you said people and the market is mature enough , during those times people get hype and though it will continue to go up, but never happen , since its clearly a bit manipulated, maybe we will witness this bull run , but when will be a bit hard to find out because, there are things to be consider before it happens specially these times

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December 19, 2019, 01:47:00 AM
 #22

You can't expect the market to always peak and at that time everything is overvalued. So many shitcoin have the high price it doesn't deserve as a result bitcoin got affected and then emerge the negative stigma of bitcoin among people with the bearish market that unfortunately drive down the price so hard. Right now the market is being stable, though it's always in my favour if it could repeat the history again and somehow could keep up or even better improving the prices.

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December 19, 2019, 02:26:15 AM
 #23

pumps like 2017 are really expected to return, and maybe if the pump happens again it could have reached a new peak price. waiting is something that can be done right now because I also don't believe 100% that the coming year can provide pumps like 2017, but I am sure that price movements can improve in that year.

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December 19, 2019, 02:46:59 AM
 #24

11 months ago bitcoin was $3,600, now look at the price. I'm doubting that the next big bull run will happen anytime soon because people were stupid back then, they thought that Bitcoin is a get rich scheme investment which pulled a lot of people, even non-investors, into investing into Bitcoin. That cause the Bull run to reach $19,000.
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December 19, 2019, 02:49:01 AM
 #25

It was just a cycle, first bull run, majority of us are not here yet. However, after that everyone wants to jump on the bandwagon so there's a lot of first during 2017.

(1) Japan entered the picture, pushing the price even further
(2) CME and CBoE bitcoin future contracts in December

Those two are really the factors that really push everything in 2017, even it has positive effect on the ICO, airdrops, bounties are profitable. People are making tons of money, so it was really a price discovery process for everyone. Crypto enthusiast are elated and everyone thinks that this is good, but some knows that it won't be sustainable. So they started selling at the peaked and then panic, noobs was trap, but still they didn't know the market well, so they also cash out with a loss. So it's going to be cyclical at less everyone is ready now for the next bull cycle.


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December 19, 2019, 03:12:16 AM
 #26

You can't expect the market to always peak and at that time everything is overvalued. So many shitcoin have the high price it doesn't deserve as a result bitcoin got affected and then emerge the negative stigma of bitcoin among people with the bearish market that unfortunately drive down the price so hard. Right now the market is being stable, though it's always in my favour if it could repeat the history again and somehow could keep up or even better improving the prices.
There is a cycle after all, there is no forever bull run or bearish market. The trend is always changing, it was 2 years ago and it is the time where the market is healthy. The market crashed recently and it is why the trend is bearish but it is normal after all because I'm sure that it will turn into bullish. It is better to accumulate now many bitcoins in order for us to gain profit when the bull market comes.

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December 19, 2019, 04:11:55 AM
 #27

Hi, newbie here to give my two cents. I agree that there is a cycle to things of value and a few factors in 2017 has contributed to its high that year. However, I also believe that bitcoin is fundamentally treated as digital gold. The commodity tagged to bitcoin resulted in the fluctuating prices but ultimately, it is a supply and demand game. As long as demand for bitcoin is not high, the price will remain low.

So how do we create demand? I believe the utility of bitcoin needs to expand, it needs to be used for payments or transactions, bitcoin needs to serve its purpose of being created in the first place. However, till now, only a handful of merchants or businesses accepts bitcoin as payment. If only the big players that benefited from the 2017 bull would establish businesses that accept bitcoin as payment, creating an economy around bitcoin?

An even more far-fetched idea, maybe establish a town that uses bitcoin as the only accepted currency? That will be awesome! Maybe cause I am still new to the scene, I find the possibilities extremely exciting.
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December 19, 2019, 04:13:23 AM
 #28

So you are lucky enough to make a profit from that time, I also tried to grab that opportunity to make something and obviously, that was the golden moment for Bitcoin, A lot of people made a huge profit during that peak moment of Bitcoin, But one thing you should also remind that just before one the year of 2017, Bitcoin price was below 1k$, so how could happen that scenario within a short time, and really it's a surprising issue that after that effect we could not find another market bull, that is why it made me astonished about the recent time's happening of this market. who knows when it comes again?

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December 19, 2019, 04:16:44 AM
 #29

The true cause of the frequent change of the market value of bitcoin is not really known and understood but since the whole network of the bitcoin blockchain network is decentralized, it is assumed that the price changes of bitcoin is based on the principle of demand and supply. During the year which the market value of bitcoin was $19k, I was assumed that the demand for Bitcoin was more than the rate at which Bitcoin was been supplied. Since the demand was more than supply, it affected the market value of it. But for some time now, the demand for Bitcoin is below its supply causing the drop in its market value. This has been the only underlining concept behind the changes in the market value of Bitcoin..  
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December 19, 2019, 10:06:09 AM
 #30

In any case, what happened in 2016 and 2017 is fundamentally different from the current situation in the cryptocurrency market.  The fact is that 2 years ago there was a very active advertising campaign for cryptocurrency and the ability to quickly earn a lot of money.  These words have always been confirmed, because not only investors who bought tokens of new projects at a 50 percent discount during pre-sales, making huge profits a few weeks after listing, but participants in the Bounty companies had the opportunity to earn several thousand dollars for only one Bounty  company.  After the market started a bull run and Bitcoin began to rise rapidly to $ 20,000, people wanted to invest in bitcoin, relying on forecasts that sounded $ 50,000 and $ 100,000 for bitcoin.  But the market fell and many people lost their money, which they took on credit and sold their real estate, if only to invest them in cryptocurrency.  Now, many investors are wary of investing in the cryptocurrency market and carefully choose projects, while withdrawing cryptocurrency into real money at the slightest danger.

#business #forextrader #bitcoinnews #invest
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December 19, 2019, 11:08:24 AM
 #31

At first I am looking for adequate arguments regarding bitcoin's high price, why do we need it? Doesn't current supply and price meet demand requirements? Do you had any problem in using bitcoin because of current price? Were you unable to send/receive btc? I think in overall even current price and lower is 100% enough for bitcoin usage but we all want high price because people look at bitcoin as an investment option and to profit from investment, yes, we need higher price of bitcoin.
Let's remind what was the cause of price rise in past? Halving. Why? Because in overall there was very positive look regarding to this event and people thought this: Halving means reward will be 1/2 of current one that means mining will be unprofitable and we need miners in order to get transactions confirmed so we need higher price to make mining profitable and get profit from your bitcoins. And then boom, bitcoin reached unbelievable 1000$ that was sensation at the moment and was pointed that our goal was achieved but somehow we didn't stop there and continue rise, we reached 2000$ despite the fact that still had some lows but finally what was happening was rise and we reached 20K USD.
I expect the same, today we had almost 10% rise and that's great result, this means people haven't lost hope in better price and that halving is coming, will be interesting to see tomorrow's situation and in overall what will happen this month. I think we will see rise after the Christmas.

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December 19, 2019, 11:37:56 AM
 #32

Bitcoin ATH way back 2017 wasn't supposed to happen like that, I expected it to stop at around 13,000$ but then FOMO that time was really strong that it pushed it at around those price levels. With big price jumps like that at a short period the bigger the marke confidence will decrease and adding more fuel to that fire is profit takers rushing in to jump out of the market thus resulting to where we are now. Also I don't have the same sentiments about you that the ATH cannot be beaten ir at least be repeated we may never know but with the incrsasing demand for crypto I know we will have a more stable price increase for it.
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December 19, 2019, 12:26:46 PM
 #33

Noone knows what will happen next with Bitcoin price, however, if we look at more wider picture, we can see that in the coming years, the price of Bitcoin may significantly increase due to the demand and the influence of many factors such as increasing attractiveness to investors, competing with the market capitalization of gold. Another noteworthy factor is the expected World's economic crisis when everyone lost their faith on their government and their national monetary system. In my own opinion, I do believe that there will be another bullrun of the whole market (not only Bitcoin) and it will be much bigger than the previous one.
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December 19, 2019, 04:29:51 PM
 #34

pumps like 2017 are really expected to return, and maybe if the pump happens again it could have reached a new peak price. waiting is something that can be done right now because I also don't believe 100% that the coming year can provide pumps like 2017, but I am sure that price movements can improve in that year.

The bullish pump of 2017 was way beyond the expectation and exceeded it's limit wherein we got so many investors who continued to buy it when it was already at peak and then as expected we are going through a long bearish correction period and I am not sure if we could ever see any similar pump which we have witnessed back in 2017 as it was caused purely because of high emotions and FOMO when the market was good.

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December 19, 2019, 05:10:09 PM
 #35

Correction happens, well, back then the price of Bitcoin was just $100 USD and several years later it began to expand in price, but there is a certain movement that keeps on repeating but at the end the price of Bitcoin become sturdy and increasing, I really think that he doesn't only have all-time highs but a correction may come after that incredible increase in the price,

Many Bitcoin enthusiasts already know this kind of movement and that is why many are still returning to Bitcoin even though the price right now is falling apart.
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December 19, 2019, 10:32:22 PM
 #36

Correction happens, well, back then the price of Bitcoin was just $100 USD and several years later it began to expand in price, but there is a certain movement that keeps on repeating but at the end the price of Bitcoin become sturdy and increasing, I really think that he doesn't only have all-time highs but a correction may come after that incredible increase in the price,

Many Bitcoin enthusiasts already know this kind of movement and that is why many are still returning to Bitcoin even though the price right now is falling apart.

Many Bitcoin enthusiasts are here for a long time. We were here before that 2017 when prices were much lower. We are here cause we know that Bitcoin can do more, this is not over. Bitcoin price is high, many people can't afford Bitcoin now, and in the future, it will be even more expensive than it's now. Volatility is normal in the crypto market, it's a rising market, we have ups and downs, like every other market, but nobody can't say that we are not bigger then we were before.



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December 19, 2019, 10:36:10 PM
 #37

You've sold at peak then what's the problem? You are lucky, you've got the chance to sell at peak and right now you had a chance to buy at low price again. Are you sad because of the price right now? Price is actually doubled from what we have January this year. So that means, we are about to open 2020 higher or double. You can't please the price to be at peak when you want to because you are tired of waiting. You had to accept that we have more time of bear market and that's why patience is one of the key if you want to become successful here.
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December 19, 2019, 10:40:29 PM
 #38

Correction happens, well, back then the price of Bitcoin was just $100 USD and several years later it began to expand in price, but there is a certain movement that keeps on repeating but at the end the price of Bitcoin become sturdy and increasing, I really think that he doesn't only have all-time highs but a correction may come after that incredible increase in the price,

Many Bitcoin enthusiasts already know this kind of movement and that is why many are still returning to Bitcoin even though the price right now is falling apart.

Because they do believe that bitcoin is in the positive trend for the next coming years.
If institutions or merchants do not have the faith on bitcoin, will they continue to explore bitcoin or crypto as part of their payment method?
Since adoption is growing each day and more big companies are integrating blockchain technology, then I have high hopes with crypto in general.
The drop from over $19k to where we are now, is expected as that price was driven by sudden flock of newbies in crypto thinking that they need to join the hype at that time.
But the number of crypto users are still growing so they believe the benefits derive from crypto after all.
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December 19, 2019, 10:58:30 PM
 #39

11 months ago bitcoin was $3,600, now look at the price.
11 months  ? you mean to say around last year the price of btc was at 3600 usd  ?  idk if that was a typo or not but last year the price of btc was already high and i think it was sitting at 10k   . 

Quote
I'm doubting that the next big bull run will happen anytime soon because people were stupid back then, they thought that Bitcoin is a get rich scheme investment which pulled a lot of people, even non-investors, into investing into Bitcoin. That cause the Bull run to reach $19,000.
that was back then and it was already over  . the pump already happen last two years ago and people realized that btc is not really a quick rich scheme so they refrain from investing too much by now  .   

@op everything happens for a reason  . the price drop because people or should i say manipulators just sold thier coins   .
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December 19, 2019, 11:20:30 PM
 #40

An even more far-fetched idea, maybe establish a town that uses bitcoin as the only accepted currency? That will be awesome! Maybe cause I am still new to the scene, I find the possibilities extremely exciting.

this "crypto utopia" idea where bitcoin would underpin a city keeps resurfacing. the first iteration, bitcointopia, turned out to be a real estate fraud scheme. https://www.sandiegouniontribune.com/news/courts/sd-me-bitcointopia-20181104-story.html

a guy named jeffrey berns bought 67k acres of land in nevada and claims to have invested $300 million towards his plan.
https://www.nytimes.com/2018/11/01/technology/nevada-bitcoin-blockchain-society.html

building it in the middle of nowhere seems ill-advised to me.

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