I was promised great glory for crypto this year. The fabled mega-bull was supposed to show it's golden head and ram us into the moon!
People like this guy:
This guy and so many others were talking about a makeable run. People were predicting $100,000 for bit, and. Some people were even setting up $200,000. It wasn't just bitcoin. The number two crypto, Ethereum , was expected to go to $10,000, with the overly optimistic suggesting $20,000.
So what's going on? Is this actually going to happen? I doubt it.
Look at where we are. We are at the beginning of December, and this was supposed to happen by the end of the year. There is less than one month left to go.
People wish, just like I do, that bitcoin would go to $100,000. But is that really going to happen?
All this prophetizing about cycles repeating themselves every four years is just a big wish that everything is going to operate by predictable time constraints cycles. They think that something is gonna happen just because it happened before, and it's can happen at the same time.
Now, I don't think bitcoin is done for and will never go past the highs we've recently had. What I'm saying is you can't predict when that will happen. You can't say that you know it's can happen because it happened four years ago, and it happened for years before that.
It's true that the value of bitcoin did go up, but compared to the four years prior to the last bull run in 2017, this bull run is factors and orders of magnitude less powerful.
If what happened from 2013 to 2017 was a ma mega bowl keable run, what's happening now is a comparison between 2017 and 2021 is not a mega bull run. It's a bull run. Those happen all the time.
Things go up, that's a bull run. Things go down, that's a bear run. These cycles do repeat. There are ups and downs and ups and downs, and on and on and on and on. There is a constant interchange between a bull run in the bear run, over and over.
But the mega bull run that was predicted isn't manifesting. Why did people buy it heavily in 2017? I don't know. Crypto was becoming more mainstream at the time, and there was a definite hype around crypto.
If you recall, there were so many old coin projects coming out in 2016 and 2017, it was crazy. Tons of ICO's were launched that went nowhere. All they achieved was funneling money from FOMO psychology into the pockets of would be founders and devs. Only few remain from that time standing by what they said they would do.
It's true, that Ethereum's popularity, with defi, uniswap, all the clones of uniswap, and NFT's, has brought a lot of popularity back into crypto to push it even more into the mainstream. Elon Musk has also helped show bitcoin and real shit coins like DOGE.
But were still not seeing an actual mega bull run like was predicted. Maybe it will happen. But I wouldn't bet on it. It seems like the $70,000 top on bitcoin was a great achievement for this year as we probably had back into another bear market run in the coming months.
Posted Using LeoFinance Beta