Two Years Ago, Bitcoin Was Over $19,000 — What Happened?

[cheezcarls]

It was pointed out on Twitter that, just two short years ago, Bitcoin was hitting the peak of its most recent bull run — touching close to $20,000. The question of what the recent bear market has meant for the asset was then debated, with some claiming that this is the beginning of the end… and others unconcerned.

The point was originally made by Twitter account of Rob “Crypto Bobby” Paone (@crypto_bobby) in a tweet, where he shared what the market price of both Bitcoin and Ethereum were two years ago to the day.

Source link here

To all of those who have experience the big bull run of Bitcoin and other cryptocurrencies, I know how it feels.

We wish that Bitcoin would have another round of big bull run like what happened a couple of years ago. That's where I finally getting serious about Bitcoin after years of being skeptic.

I was just fortunate back then while I invested some coins and tokens, I sell when it peaked and I didn't wait anymore till the value goes down.

For me, I think the market has matured enough and it may not likely repeat like what happened in 2017 (but I could be wrong too if analysts are correct about their bull run prediction), but it would be unlikely.

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[DooMAD]

What happened is that markets are fickle and people generally get stressed out over nothing.  I'm honestly past caring whether it's bull or bear season because I have no plans to sell in the foreseeable future.  Given that the traditional economy has effectively failed an entire generation or two, BTC is now, most likely, the only way I'm going to have anything resembling a pension when I retire.  This shit is my nest egg now.  Accumulate and hodl*.

_{*<insert usual disclaimer about not being a qualified financial advisor>}

[Broly46]

He probably forget three years ago, bitcoin was by far less than $100, they’re just trying to cherry picking on the price, but two and three years does it make much difference? Do you brother with what you did five years ago? I could barely remember three years ago and every moment.

[Ozero]

It is likely that Bitcoin will several times rise to the same high price values. However, what will happen next is difficult to say. If after each such growth Bitcoin will also fall in price for at least two years, which of the investors will want to invest their money in it and so risk it. Will it continue to rise in price or rise and then fall ?. Not only the fate of Bitcoin, but also the further direction of the development of cryptocurrency depends on this.

[Baofeng]

2017 was just a bubble waiting to be burst. Lots of irrational buyers that time that really push the price to it's breaking point, so obviously it did go down, and go down hard. And this market is fairly new, we haven't seen that kind of meteoric rise before that's why many believed that the price will continue on its parabolic rise. But all signs are pointing that it had bubbled already, but investors chooses to ignore this signs. So let's wait for the next bubble to occur, 2021 (4 year cycle)?

[metalglowd]

He probably forget three years ago, bitcoin was by far less than $100, they’re just trying to cherry picking on the price, but two and three years does it make much difference? Do you brother with what you did five years ago? I could barely remember three years ago and every moment.

Yes it seems like new traders, have just felt the biggest risk of trading in crypto and here it is, falling to the point where people are very scared, the end of the year and the expected price really misses what is expected, halving and other events cannot give positive impact.

[coinycoiny]

Tulips went out of fashion

[Artemis3]

To all of those who have experience the big bull run of Bitcoin and other cryptocurrencies, I know how it feels.

We wish that Bitcoin would have another round of big bull run like what happened a couple of years ago. That's where I finally getting serious about Bitcoin after years of being skeptic.

I was just fortunate back then while I invested some coins and tokens, I sell when it peaked and I didn't wait anymore till the value goes down.

For me, I think the market has matured enough and it may not likely repeat like what happened in 2017 (but I could be wrong too if analysts are correct about their bull run prediction), but it would be unlikely.

Actually you got it backwards. The slower it goes up, the less likely it bounces back down. Bull (or bear) "runs" are trouble, expect a correction.

You could say the last two years have been correcting that 19k madness. It was too quick too fast, as simple as that.

As time goes bitcoin price is only going to fluctuate less and less, but we are not quite there yet. And no, it will never go flat, because Bitcoin is deflationary while fiats all lose value intentionally as they all follow the Chicago school dogma.

We wish that Bitcoin would NOT have another round of big anything, unless you are a trader rather than a holder. Wishes, of course, don't determine market price. Wishing is free, but facts are what they are.

I remember that December, the price spike was so high i clearly knew it was going to plummet. If you buy only after the fact (when everybody else is buying) you are doing it wrong. Who bought at 19k thinking it would reach 50k or so was simply not paying attention.

The faster it moves, the less you should be getting in. You only took it seriously after this crazy sudden spike? Why you didn't buy at 600$ in 2016 then after that halving? The price was so boringly stable, precisely... And today its worth 10 times more.

[sunsilk]

I missed to sell during that period for my altcoins but then I have no choice but to held it and just wait patiently until another bull run comes or else, it's already the gamble that I have and also aware of having nothing in return.

This time, bitcoin is growing naturally and we'll see it grow with the people and institutions that are really believing to it. The drop of price determined who were the people that's really interested on it no matter how huge or small the drop was.

[squatter]

Five years ago, Bitcoin was below $200. What happened?

This is just price discovery in action. Some people believe that Bitcoin will always be fated for these "boom and bust" cycles. They might be right about that.

[Ayiranorea]

If we keep on thinking in such a manner, then it isn't two years back we need to keep digging for ten years back. The value has emerged out of valueless token which has given a new framework for the financial infrastructure that's been built all around. With this it is quite easy to make things get mutual growth as well as have everything transparent.

[pakhitheboss]

It was pointed out on Twitter that, just two short years ago, Bitcoin was hitting the peak of its most recent bull run — touching close to $20,000. The question of what the recent bear market has meant for the asset was then debated, with some claiming that this is the beginning of the end… and others unconcerned.

The point was originally made by Twitter account of Rob “Crypto Bobby” Paone (@crypto_bobby) in a tweet, where he shared what the market price of both Bitcoin and Ethereum were two years ago to the day.

Source link here

To all of those who have experience the big bull run of Bitcoin and other cryptocurrencies, I know how it feels.

We wish that Bitcoin would have another round of big bull run like what happened a couple of years ago. That's where I finally getting serious about Bitcoin after years of being skeptic.

I was just fortunate back then while I invested some coins and tokens, I sell when it peaked and I didn't wait anymore till the value goes down.

For me, I think the market has matured enough and it may not likely repeat like what happened in 2017 (but I could be wrong too if analysts are correct about their bull run prediction), but it would be unlikely.

2017 was a big year for Bitcoin, it zoomed past and created history. 2018 was the year of correction and community reforms. 2019 till it ends will be known for new endeavors and new investment from Big corporates, acknowledging and accepting the power of Bitcoin. 2020 will be the year of halving and 2021 will be when Bitcoin creates a new all time high.

Keep that in mind.

[goinmerry]

We should be thankful that a bear market happened after that $19,000-$20,000.

Without it, people will just think that bitcoin is an easy money scheme, there will be lots of ICOs without use-case gathers money from people easily, people will think of selling every their assets just to put on bitcoin, bitcoin will not act as a currency but more likely will be used in ponzis and many more on which we don't want to happen.

This also proves that the 2017 run is complete manipulation and just a hype. That run was unhealthy and we all witnessed what happened after that. We do now have a reference on what to if ever the same thing will happen again.

[dothebeats]

People expecting more from a highly-inflated and artificial price do not understand that that wiuldn't and shouldn't hold out for much too long. It's bound to happen anyway considering that no new money can be injected towards bitcoin. See, I still believe that bitcoin has proven that its pricing is cyclical and it will always have its ups and downs and will continue to post records even if people themselves don't believe in such.

[Natalim]

Everyone has their own theory but I also have mine, it does not mean that i am not open for another theory but I really think manipulation is the cause of them all. Well, I am also not saying manipulation is bad for what the market has become because without the pump and dump, BTC would not even reach $1,000 IMO.

Timing is just necessary here, let's not be greedy, we just have to sell at the right time.

Bitcoin during the last bull gives a good price but it was due to hype so price was overvalued and obvious correction is due to happen, however some did not see that coming, so they loss,... maybe the next bull run might be a little harder due to that bad experience.

[vintages]

Though 2018 was more like a market correction. But FUDs, FOMO and unrealistic prediction and speculation is what happened, is it major influence.
People good at overhypeing most Bitcoin activities or events to faults.
The price of Bitcoin will pump again and it will cross more than 2017 prices but again it 'will' dump to certain amount. And its because people's are controlled by their emotions.

[AmoreJaz]

We should be thankful that a bear market happened after that $19,000-$20,000.

Without it, people will just think that bitcoin is an easy money scheme, there will be lots of ICOs without use-case gathers money from people easily, people will think of selling every their assets just to put on bitcoin, bitcoin will not act as a currency but more likely will be used in ponzis and many more on which we don't want to happen.

This also proves that the 2017 run is complete manipulation and just a hype. That run was unhealthy and we all witnessed what happened after that. We do now have a reference on what to if ever the same thing will happen again.

you have a point on that statement! people need to learn the true value of bitcoin. most of the users who learned and bought only at the end of 2017 were the ones who thought that bitcoin is an easy money-making investment. but they were wrong!
in 2018, a lot of people learned about crypto in general. with so many crap projects created and ended, people who lost money, people who were deceived by glittering promise of passive income, high returns, etc
but even after all these hullabaloos, bitcoin still stand strong and the adoption is growing. we just need to learn in a hard way that bitcoin or crypto is not a road to get-rich-quick life!

[Pearls Before Swine]

I was just fortunate back then while I invested some coins and tokens, I sell when it peaked and I didn't wait anymore till the value goes down.

You were either very smart or really lucky if that's what happened, but good on you if you made a profit. 

It was pretty clear in 2017 that the bubble wouldn't be able to sustain itself, and it was obvious to me that that's what it was, a bubble.  Bitcoin, altcoins, tokens, everything was just going up all the time and people were going crazy about all things crypto.  Unfortunately I wasn't much of a hodler in 2017 so I didn't take advantage of the madness, but I'm sure a lot of people did...and a lot got burned by the market as well.

And then here we are today, still recovering from that insanity and it doesn't seem like bitcoin is ever going to grow some legs again.  But the market is still higher than where it was at the beginning of 2019, at least for bitcoin.  Altcoins are still struggling, but those will probably showing some life next year.

[GreatArkansas]

For me, I think the market has matured enough and it may not likely repeat like what happened in 2017 (but I could be wrong too if analysts are correct about their bull run prediction), but it would be unlikely.

I think, you only can say this because of previous dumps happening on Bitcoin especially fall from $19,000 upto below $4,000..
Although that is also unbelievable but for what I saw, that is just an correction for the parabolic run upto $19,000.

But you also have a point when you say the market has matured enough, I also think that. But still, majority of us still hoping a new all-time-high.

[MURONDI]

no one knows what will happen in the future, everyone has different predictions about bitcoin, even then nobody thought that bitcoin could reach nearly $ 20,000, because at that time prices continued to rise and almost never went down, so that in a short time bitcoin can reach almost $ 20,000, I hope that time like that can be repeated again.