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

[JohnBitCo]

Well back then it was hype and FOMO. Not all that bought in knew what they're dealing with. Just the hope of making big easy money. Now, after what happened in 2018, people see bitcoin differently. I think it'll be hard to get the same people to jump into another FOMO like that. That's why unless whales start a drastic pump, I don't think we'll have the same movement anytime soon.

So you mean that bitcoin halving will have no impact on the start of the next bull run. Also even if those people do not rebuy, don't you think we have new investments both individual and institutional which is another reason why bitcoin should be moving up always. Back in time 2017, there were very less awareness of bitcoins as it is now, so more people should jump in the train this time around.

[1714585393]

1714585393

[BitcoinsGreat]

Well back then it was hype and FOMO. Not all that bought in knew what they're dealing with. Just the hope of making big easy money. Now, after what happened in 2018, people see bitcoin differently. I think it'll be hard to get the same people to jump into another FOMO like that. That's why unless whales start a drastic pump, I don't think we'll have the same movement anytime soon.

So you mean that bitcoin halving will have no impact on the start of the next bull run. Also even if those people do not rebuy, don't you think we have new investments both individual and institutional which is another reason why bitcoin should be moving up always. Back in time 2017, there were very less awareness of bitcoins as it is now, so more people should jump in the train this time around.

Its not about the number of people know about bitcoins, it more about the perception of bitcoins. People have seen all those who invested at the top and got Rekt.
This means no one will be willing to buy bitcoins as soon as it starts to pump and therefore it will reach much less amount than we may expect it to be.

[STT]

Alot of people have known roughly of Bitcoin since 2013, the more important part would be actual use or need and desire to utilise Bitcoin to their advantage.   Thats the base level to watch for proper price movements, the 2017 rise was partly a feedback loop of people believing the price would go higher so it did as more people took up BTC they didn't actively intend to use or keep.
   Hence the rise becomes a peak and spike up as the usage was not there, it takes far longer to accumulate proper revenue in BTC beyond speculation.    Its a familiar cycle, its partly down to easy Dollar policy allowing people to speculate elsewhere.   I'd say its destructive but apparently BTC can handle the fluctuation and continues with some genuine growth at a slower pace.

[stadus]

The market has matured and therefore the market has getting stronger.
2017 may not happen again but we can expect that the market will grow steady if that's what we believe that the market has matured.

However, based on my observation, the market seems still easily get manipulated as FOMO and FUD are still here.

Like what happen this year, we all witness an increase of bitcoin price for 30% in within 24 hours and for me, it's not a good sign of market maturity.

[uray]

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.

Everyone who invested in the market during the last bull made a ton of profit unless they came in the market when the market was at its peak and i am not expecting the same rally this time but i am expecting the bulls to push to reach the all time valuation we hit last time and if that happens this time i will once again book my profit and wait for the market to settle down, i might not be selling everything but will look for the market to see how long it can go in the next rally.

[deadthings]

$19000 was an abnormal rise and market has to take correction after that huge pumping. Price jumped to $19000 because it was first time bitcoin came to spotlight and everyone started jumping without knowing the future. I don't think we will again see $19k as people are now more careful in investment.

[Oilacris]

The market has matured and therefore the market has getting stronger.
2017 may not happen again but we can expect that the market will grow steady if that's what we believe that the market has matured.

However, based on my observation, the market seems still easily get manipulated as FOMO and FUD are still here.

Like what happen this year, we all witness an increase of bitcoin price for 30% in within 24 hours and for me, it's not a good sign of market maturity.

I highly believe that it wont really get rid of those Fud and Fomo things yet this had always been part of this kind of market which is really very unpredictable and being affected by news most of the time
even if theres none we are still surprisingly greeted by random ups and downs on a particular day thats why its hard to conclude that market becomes mature.

Seeing those glory days in Bitcoin on reaching that ATH might not be seen on early years to come but it will depend on market demand though but i do rather prefer
on a slow pace but having a stronger price foundation.

[palle11]

Well back then it was hype and FOMO. Not all that bought in knew what they're dealing with. Just the hope of making big easy money. Now, after what happened in 2018, people see bitcoin differently. I think it'll be hard to get the same people to jump into another FOMO like that. That's why unless whales start a drastic pump, I don't think we'll have the same movement anytime soon.

A. follow up to this is that, price is like this now maybe that is the actual range for the price of bitcoin. In 2017, we saw a kind of artificial move every month until it climax to December. So, I'm looking at the price as what could be the actual price now

[error08]

What happened in 2017 still arguable whether the market rises due to normal demand activity in the market or manipulation from a single market whale and using usdt.
According to a Bloomberg report, two academics including Professor John Griffin from the University of Texas, and Amin Shams from the Ohio State University, jointly published a paper in 2018, which suggested that the 2017 Bitcoin surge was a result of market manipulation and not a natural market movement. source

The market still far far away to be claimed mature,  susceptible to manipulation of whales, probably take another 10-20 years to make stable market, where the coins spread widely among people.
However, what happened in 2017 more likely repeated in the next year or a year after the halving in 2021, reach a new ATH.

[wheelz1200]

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.

Um what?  The only time bitcoin was far less than than $100 was 2012 and before.  3 years ago was 2016 and it was no where near "far less than $100".  You have to get your facts straight before you try to refute someone and what they are talking about.

[buwaytress]

The beginning of the end was the sentiment in repeated parabolic cycles of the past, though in the last one I witnessed, was strange that long time holders (supposedly) had said that this time the end was starting.

I never figured out why these guys left. Why they thought the real end had started. After seeing themselves several times how the cycles go. Perhaps the 2017 really was the first time the developed world truly saw and heard about bitcoin and that was that.

[Juggy777]

Well back then it was hype and FOMO. Not all that bought in knew what they're dealing with. Just the hope of making big easy money. Now, after what happened in 2018, people see bitcoin differently. I think it'll be hard to get the same people to jump into another FOMO like that. That's why unless whales start a drastic pump, I don't think we'll have the same movement anytime soon.

@gabmen you’re right hype and Fomo played it’s part in the rally, but in a way I’m glad those people will not buy bitcoins again because they tend to dump bitcoins quickly which is not good for bitcoin prices. Also we don’t need to wait for whales to manipulate bitcoin prices, because once we near the halving event bitcoin prices shall shoot up and we will witness another monstrous bull rally.

https://hackernoon.com/how-crypto-market-behaves-its-a-damn-cycle-bffe47a01831

[karanggatak]

I still believe bitcoin can run again like in 2017. and now more and more companies and countries are accepting bitcoin so in my opinion bitcoin continues to grow and towards mass adoption. right now the price of bitcoin is declining but I don't think this is the end of bitcoin. the rise and fall of bitcoin prices is common. so I am not worried and with all the characteristics and advantages of bitcoin I am sure in the future the price of bitcoin will be more expensive.

[monineklutak]

I still believe bitcoin can run again like in 2017. and now more and more companies and countries are accepting bitcoin so in my opinion bitcoin continues to grow and towards mass adoption. right now the price of bitcoin is declining but I don't think this is the end of bitcoin. the rise and fall of bitcoin prices is common. so I am not worried and with all the characteristics and advantages of bitcoin I am sure in the future the price of bitcoin will be more expensive.

of course many people predict that in the future bitcoin prices will be more expensive, no matter there is always a decline in current market prices because in reality market price movements will not always decrease. maybe 2017 can happen again in 2020

2017 will be hard to forget, all coins have increased 10x and it is incredible, it is reasonable at the moment the price has experienced a decline, 2020 might look quite interesting

[Finestream]

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 hope the market has not matured yet if that would happen.

Of course, I still want to experience that bull run again to correct my past mistakes, I know some of us here who invested prior to the last bull run have made some mistakes too of not selling at the peak, we were too greedy that time and we always want to HOLD, which was a wrong idea and we have only realize after the long bear market or what we called a correction.

[danherbias07]

I did experience it and on the brink of selling all my coins at that moment.
But there is this instinct that tells me I should not. I didn't.
Could have been a lot of bitcoin now if I bought it back at the recent price but we just don't know what is going to happen.

It doesn't sadden me though, it gave me hope instead. There is always a chance for the value of bitcoin to grow more because we have already seen it.
Yes, it can happen.

[sana54210]

Considering the amount of money required to keep the bitcoin volume this way (even if some of them are just back and forth) I am not surprised we are not even more volatile. I mean sure sometimes we move from $5k to $20k and another we move from $20k to $3k but do you realize how many days and even months we just stay the same? Like think about how long we have been around 7 thousand dollars right now?

When we were around 10 thousand, that took months, last year around the same time the 3.5 thousand dollars or so levels were for months until April. So long story short, with whats going on and how "volatile" we claim bitcoin to be, those volatile moves all happen in a week or so and then for months we are all stagnant, that is not really that bad if you consider stocks do the same but slower.

[Hamphser]

I still believe bitcoin can run again like in 2017. and now more and more companies and countries are accepting bitcoin so in my opinion bitcoin continues to grow and towards mass adoption. right now the price of bitcoin is declining but I don't think this is the end of bitcoin. the rise and fall of bitcoin prices is common. so I am not worried and with all the characteristics and advantages of bitcoin I am sure in the future the price of bitcoin will be more expensive.

of course many people predict that in the future bitcoin prices will be more expensive, no matter there is always a decline in current market prices because in reality market price movements will not always decrease. maybe 2017 can happen again in 2020

2017 will be hard to forget, all coins have increased 10x and it is incredible, it is reasonable at the moment the price has experienced a decline, 2020 might look quite interesting

I wouldn't let my hopes get high though because that bull run in 2017 wouldn't happen in 2020. The bitcoin halving effect that you guys are looking for is not in 2020 it is going to happen in 2021. So i wouldn't expect too much from the market in 2020, but maybe we might see some price increase but not really that high enough to exceed the ATH of BTC.

[iv4n]

Considering the amount of money required to keep the bitcoin volume this way (even if some of them are just back and forth) I am not surprised we are not even more volatile. I mean sure sometimes we move from $5k to $20k and another we move from $20k to $3k but do you realize how many days and even months we just stay the same? Like think about how long we have been around 7 thousand dollars right now?

When we were around 10 thousand, that took months, last year around the same time the 3.5 thousand dollars or so levels were for months until April. So long story short, with whats going on and how "volatile" we claim bitcoin to be, those volatile moves all happen in a week or so and then for months we are all stagnant, that is not really that bad if you consider stocks do the same but slower.

People just don't get it, volatility means that price is going in both ways. And as you say, there wasn't enough money to hold that price for a longer period. In the end its just a spike, and every industry have that kind of spikes in the beginning, nothing new in crypto, especially nothing new in economy. But people are lazy to do some researching, to learn more, they just see the price and nothing else.
And one more thing, people tend to talk about drop from 19k to 3k in less than 2 years, its more interesting than talking about bitcoin rising from zero to where it is now. I say all the time, everything is a perspective! Some people see it as huge drop and losing money, others are taking advantage and buying with a discount.

[Slow death]

2017 was a year when a lot of ICOs were having a lot of customers, it was as if people had found a gold mine. can you imagine investing in something that would give you a 10X return in a few days or months? That's what a lot of people thought when they invested in those ICOs and to invest in those ICOs a lot of people bought bitcoin. Bitcoin started to become very popular because of that, then it had the hard fork that resulted in BCH, a lot of people bought bitcoin to get free coins. with the hope that in December 2017 when they launched the Futures the price would be very high. These factors that I mentioned are the probable reasons why the price has increased so much in 2017