Stop comparing BITCOIN on 2017 & 2021. It will never be same again

[janggernaut]

We all know when bitcoin on 2017 it pumped like crazy. It went almost $20k and then it falling to $3.3k as lowest price just in few months. What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

But now? Bitcoin is not HYPE anymore. Even Elon musk, 2nd richest in the world with one of his company, Tesla, accepting Bitcoin as one of payment recently. We also heard many ETFs already got approved and accepted, even few huge banks accepting Bitcoin and they allow their customer invested on them (Morgan Stanley & Fed).

History might be repeat, but surely it's won't be same as 2017 anymore. We won't see bitcoin at $5,000 , $10,000 or even $20,000 anymore from this year to the future

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[slaman29]

I kind of agree at some point but to say that Elon Musk buying Bitcoin is totally not hyped as opposed to ETF possibility being hype? I'm not sure about that. ETF news should be more "worthy" than some guy who also pumps a memecoin and sells Tweet NFTs for fun.

I do agree 2017 rally was more hype though, but not just because of ETFs.

[Dave1]

Yes, definitely, 2017 bull run is very much different 4 years later. And as others have pointed out, the narrative has change as well. Of course, still a speculative asset, and very volatile. But right now, we have companies putting their funds into bitcoin as a reserve asset. We haven't seen this in 2017, and maybe we can see more of bitcoin as a store of value in the future. 2017 eventual hype and sudden burst was cause by CME and CBoE entering the picture in December of that year and after the spike to almost $20k, the bubble was burst.

[Wilhelm]

Yeah this time it will be even more insane 

[proudhon]

Yeah this time it will be even more insane 

Exactly! Instead of something like $20k to $3k, it'll be $61,782 to something less than $1,000.

[JimboToronto]

What's with this obsession with 2017?

The bubbles in 2011 and 2013 (both of them) were all just as spectacular as the one in 2017 and maybe more so.

By the time of the first 2013 bubble, even noobs should have been able to figure out from learning their history that all you need to do is hodl (it was spelled "hold" in those days).

[LUCKMCFLY]

We all know when bitcoin on 2017 it pumped like crazy. It went almost $20k and then it falling to $3.3k as lowest price just in few months. What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

But now? Bitcoin is not HYPE anymore. Even Elon musk, 2nd richest in the world with one of his company, Tesla, accepting Bitcoin as one of payment recently. We also heard many ETFs already got approved and accepted, even few huge banks accepting Bitcoin and they allow their customer invested on them (Morgan Stanley & Fed).

History might be repeat, but surely it's won't be same as 2017 anymore. We won't see bitcoin at $5,000 , $10,000 or even $20,000 anymore from this year to the future

You are right, but remember that everything in the Bitcoin market is possible, just as it can stay at $ 50k, if it can go even to $ 10k it is not impossible, the odds are minimal but technically possible. Obviously the circumstances in 2017 are not the same as in 2021, in addition, bitcoin has had new ATH when the world is in a pandemic, now with the new strain, panic has not taken hold of people, many are even preferring to invest in Bitcoin than the same gold.

And the FED has already said it, despite the volatility of Bitcoin they do not consider it a safe haven, but in the face of gold they even speak of a possible substitution due to the high speculation power it has in the market.

[Lucius]

What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

I wouldn’t say that speculation about the ETF was the reason for the 2017 pump, because if anyone forgot at the end of that year the first BTC futures appeared - Bitcoin debuts on the world’s largest futures exchange, and prices fall slightly. It's a whole other story that people at the time (and some even today) didn't know the difference between futures and ETF.

The similarity between 2017 and 2021 is that both years came after halving, the difference is that in 2017 the pump was mainly due to small investors, while now a significant role is played by large investors. The difference is more than visible, a large amount of BTC has been removed from the market, demand is constant and production has been halved compared to 2017.

[ivankoh]

Yeah this time it will be even more insane 

Exactly! Instead of something like $20k to $3k, it'll be $61,782 to something less than $1,000.

This sounds crazy.  Either it happens to me as a play or a tragedy.  This is no coincidence, but may require focus on a post-covid 19 "new normal" life that could be a stepping stone for bitcoin being the most expensive trillion asset to be flashy more than ever.  Watch the next episode of the movie called bitcoin )

[Josefjix]

Seeing bitcoin below $20k with the current adoption all over it is very impossible might even get to $100k soon. The 2017 hype was worth it, a lot of people who came in immediately dropped their bags and crashed the price a bit. We'd want it to the moon too.

[Rana590]

We all know when bitcoin on 2017 it pumped like crazy. It went almost $20k and then it falling to $3.3k as lowest price just in few months. What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

But now? Bitcoin is not HYPE anymore. Even Elon musk, 2nd richest in the world with one of his company, Tesla, accepting Bitcoin as one of payment recently. We also heard many ETFs already got approved and accepted, even few huge banks accepting Bitcoin and they allow their customer invested on them (Morgan Stanley & Fed).

History might be repeat, but surely it's won't be same as 2017 anymore. We won't see bitcoin at $5,000 , $10,000 or even $20,000 anymore from this year to the future

We can't predict the exact price of Bitcoin all the time. It can down more than what was in 2017. But if we compare with the price then current price is much higher than the price of 2017. For better price, holders should hold bitcoin strongly.

[Wilhelm]

Yeah this time it will be even more insane  

Exactly! Instead of something like $20k to $3k, it'll be $610,782 to something less than $1,000,000.

Fixed your typo bro it 

[gabbie2010]

We all know when bitcoin on 2017 it pumped like crazy. It went almost $20k and then it falling to $3.3k as lowest price just in few months. What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

But now? Bitcoin is not HYPE anymore. Even Elon musk, 2nd richest in the world with one of his company, Tesla, accepting Bitcoin as one of payment recently. We also heard many ETFs already got approved and accepted, even few huge banks accepting Bitcoin and they allow their customer invested on them (Morgan Stanley & Fed).

History might be repeat, but surely it's won't be same as 2017 anymore. We won't see bitcoin at $5,000 , $10,000 or even $20,000 anymore from this year to the future

We can't predict the exact price of Bitcoin all the time. It can down more than what was in 2017. But if we compare with the price then current price is much higher than the price of 2017. For better price, holders should hold bitcoin strongly.

Institutional adoption of Bitcoin in 2007 is far less that what it was attained now more investors has come on board while the numbers numerous of hodlers had risen tremendously thus demand for BTC has been on rise this year invariably responsible for the present pump in the price Elon Musk massive investment in Bitcoin has made an instant impact on it price any possibility of a replica of 2017 masdive dump should be completely ruled out this year.

[Rana590]

We all know when bitcoin on 2017 it pumped like crazy. It went almost $20k and then it falling to $3.3k as lowest price just in few months. What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

But now? Bitcoin is not HYPE anymore. Even Elon musk, 2nd richest in the world with one of his company, Tesla, accepting Bitcoin as one of payment recently. We also heard many ETFs already got approved and accepted, even few huge banks accepting Bitcoin and they allow their customer invested on them (Morgan Stanley & Fed).

History might be repeat, but surely it's won't be same as 2017 anymore. We won't see bitcoin at $5,000 , $10,000 or even $20,000 anymore from this year to the future

We can't predict the exact price of Bitcoin all the time. It can down more than what was in 2017. But if we compare with the price then current price is much higher than the price of 2017. For better price, holders should hold bitcoin strongly.

Institutional adoption of Bitcoin in 2007 is far less that what it was attained now more investors has come on board while the numbers numerous of hodlers had risen tremendously thus demand for BTC has been on rise this year invariably responsible for the present pump in the price Elon Musk massive investment in Bitcoin has made an instant impact on it price any possibility of a replica of 2017 masdive dump should be completely ruled out this year.

We can't say that the price of Bitcoin will continue to rise all the time if there are more investors. Then everyone would assume that the price of Bitcoin will always go up because the number of investors on Bitcoin is increasing day by day.

[$crypto$]

History might be repeat, but surely it's won't be same as 2017 anymore. We won't see bitcoin at $5,000 , $10,000 or even $20,000 anymore from this year to the future

I hope that it doesn't want to happen again, let alone reach the lowest point in the present when ATH continues to peak, I just want to measure how in the future the price will continue to move in the direction we want so far.

The adoption in the current trend is so great the hype is always created by big people, meaning they believe that Bitcoin will become a valuable asset when large companies can make payments with it.

With Tesla now being able to buy with bitcoin, a sign that in the future bitcoin will be widely used in other fields of electronic buying and selling because institutions have started designing things like Tesla.

I only felt 2017 and 2021 bitcoin was high before I didn't really understand. 😁

[bitgolden]

We all know when bitcoin on 2017 it pumped like crazy. It went almost $20k and then it falling to $3.3k as lowest price just in few months. What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

But now? Bitcoin is not HYPE anymore. Even Elon musk, 2nd richest in the world with one of his company, Tesla, accepting Bitcoin as one of payment recently. We also heard many ETFs already got approved and accepted, even few huge banks accepting Bitcoin and they allow their customer invested on them (Morgan Stanley & Fed).

History might be repeat, but surely it's won't be same as 2017 anymore. We won't see bitcoin at $5,000 , $10,000 or even $20,000 anymore from this year to the future

I do 100% agree with this. I think 2017 was very very different than what we have today. Anyone who lived during those times remember that bitcoin was good and all but it was really high for just like 1-2 months and that's it. We have been high since September and went higher and higher and higher.

People can keep trying to find some examples of why it looks so similar but the reality is that we are not as similar as you might imagine.

This bull run has been much much better, we have been doing a lot more profits and we will keep doing more as well, that is why I think it is quite clear that we should be focusing on what we have right now and not start freaking out about a potential 2018 coming very soon. I do not believe that, we are not going to see another 2018 if you ask me, we may not end up going super high from here, maybe 200k+ is not possible, but we are not going to see under 20k any time soon neither.

[aoluain]

What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

I wouldn’t say that speculation about the ETF was the reason for the 2017 pump, because if anyone forgot at the end of that year the first BTC futures appeared - Bitcoin debuts on the world’s largest futures exchange, and prices fall slightly. It's a whole other story that people at the time (and some even today) didn't know the difference between futures and ETF.

The similarity between 2017 and 2021 is that both years came after halving, the difference is that in 2017 the pump was mainly due to small investors, while now a significant role is played by large investors. The difference is more than visible, a large amount of BTC has been removed from the market, demand is constant and production has been halved compared to 2017.

I find myself quoting you a lot lately Lucius, because I agree with your posts.

2017 and 2021 are [surprise, surprise] different years and different
stages in Bitcoins life and a more diverse group of invstors who
hopefully have a view to HODL and not sell out at the mere sniff of
a correction towards the end of December and January making the
comparison between 2017 and 2021/22 a self fulling prophesy.

From what Muichael Saylor has been preaching, he wont be selling
any time soon.

I would think that if people decide to sell later in the year, they will
be selling into the hands of those who are buying and those Bitcoin
will be more difficult and expensive to buy back.

[magneto]

We all know when bitcoin on 2017 it pumped like crazy. It went almost $20k and then it falling to $3.3k as lowest price just in few months. What was the reason bitcoin went up to $20,000 back then on 2017? It was only HYPE, there was only a speculation Bitcoin ETF would be accepted, then it declined.

But now? Bitcoin is not HYPE anymore. Even Elon musk, 2nd richest in the world with one of his company, Tesla, accepting Bitcoin as one of payment recently. We also heard many ETFs already got approved and accepted, even few huge banks accepting Bitcoin and they allow their customer invested on them (Morgan Stanley & Fed).

History might be repeat, but surely it's won't be same as 2017 anymore. We won't see bitcoin at $5,000 , $10,000 or even $20,000 anymore from this year to the future

I disagree with the idea that we won't see sub-$40k BTC prices anymore.

The same was said about BTC's $5-10k support zone until it absolutely tumbled down in the midst of COVID.

Short term, the markets are super irrational and we never know which direction they will possibly head in. That gives rise to the very real possibility that you will see BTC being traded at an extraordinary discount to what it's fundamental valuation is. Institutional investors and ETFs simply won't combat these short term fluctuations.

But you're right in one thing - BTC's long term fundamentals have improved exponentially and that is undoubtable.

[proudhon]

Yeah this time it will be even more insane  

Exactly! Instead of something like $20k to $3k, it'll be $610,782 to something less than $1,000,000.

Fixed your typo bro it 

Oops, my mistake. $61,782 to less than $100.

[arufox]

Maybe you are right, it will never be the same again, but the price is all about demand and supply. If this year Bitcoin pumped like crazy of course a lot of people will sell their Bitcoin for profits, huge sell it's mean huge dumped. For $5,000 and $10,000 I also believe we'll never see this price again, but for $20,000 it still possible, let's say this is the worst scenario