We've entered a totally new landscape and the past is no longer a good indicator of the future. Retail investors were driving up the price last peak. Now we have retail, institutions, corporations, etc. In addition, the fundamental developments like Lightning network will bring on functionality for the network to no longer be bogged down.
Also, you've got 2 plot points on that graph. Not a lot of info to begin with.
Personally, I'm expecting Bitcoin to be around 200k late 2020. Another factor driving it up is an unavoidable recession; possibly the worst one ever.
You think that recession will be good for bitcoin though? For much of 2016-2019 it has traded like a risky asset...
bitcoin was created because of the corrupting factors that cause recessions. i have to assume it will do well during one
Correct, though most of the people buying in currently are doing so for speculative purposes. Speculative assets get hit the hardest during times of recession.
Ironically enough, I think Bitcoin becomes much less speculative during a recession. It's already been shown that fiat currencies that hyper inflate lose more value than Bitcoin did during the bear market. Fiat that hyper inflates during a crypto bull run will incentivize everyone in that country to exit.
If they can of course. Banning crypto, including throwing people caught with it in jail, during a time of large capital outflows could likely happen.
That is more in line with my thinking as well. Some will think it's crazy ,but we have entered an entirely different period now with the institutions coming into play.$20 000 is pocket change and the hole place I think is going to go ballistic at some point. I do expect Bitcoin to drop again shortly for the Institution money to come on board in the coming weeks. We will have to wait and see if that happens and then it should pick up momentum.
Everyone seems to be calling for a $6k retest at some point here.
Global recession?