What if Bitcoin ends up following the 2013 playbook?
Most of the current models make their price predictions like we are going to follow the 2017 playbook.
Which makes sense when you think about it...
The current market is much more similar to the market back in 2017 than it was to the market back in 2013.
2017 wasn't nearly as developed as we are right now, but by comparison to 2013, it was extremely well developed!
But, what if we instead followed what happened back in 2013?
2013 saw much more vertical price action in a short period of time that was eventually followed by a steep pullback before ultimately seeing it's blow off top.
2017 was more of a gradual build that ultimately saw one major blow off top.
Judging by how quickly we are going vertical right now, it's starting to feel more like 2013 than 2017...
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If this trend continues we are going to blow the previous price predictions out of the water!
You've heard PlanB etc call for a $100k top during this current cycle, but if were to follow the bull market back in 2013, it would go way higher than that.
We would see something closer to $700k and we would see it well before the end of next year.
The bull market in 2013 went much higher than the one in 2017 in percentage terms and it happened in a lot shorter time frame.
I don't think we are going to keep this pace up, but as it stands right now we are right in between the bull market from 2013 and the one from 2017.
That would point to an eventual peak somewhere between $200k and $700k if this keeps up.
Barring some unexpected black-swan, like governments deciding they want to try and squash bitcoin, I think it's going to keep going up.
There is too much institutional involvement now and they won't be scared easily.
There will be dips along the way for sure, but if we are going north of $100k (or anywhere close to $700k) in less than a year, we are going to mostly keep grinding higher.
Enjoy the ride!
Stay informed my friends.
-Doc
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The 2017-2018 market was affected majorly by the Facebook Google cartel's illegal ban of all crypto ads.
After the normal early Jan '18 correction, the market plunged 53% - the largest drop ever - in the week after FB banned and then 30% (second largest drop ever) when Google announced ban in March.
So you can't really compare the current market to 2017.
Google and Facebook didn't ban ads until 2018. Not sure how you are comparing that to the rally I am talking about in early 2017.
It looks like btc
is keeping its promise.
Hope we don't go back past $20k, otherwise
chaos in mainstreet
Hopefully governemnts may embrace it
and the price will be out of reach.
Long term holders are crossing their fingers.
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2021 isnt going to be like any previous year, and bitcoin might just go huge while Rome burns
Eventually bitcoin gains will spill over into altcoins, even if institutions are only buying bitcoin. The gains will bring in retail as well.
I'm thinking they already have - Litecoin is pumping!
I'm inclined to say it's feeling like both; like, you know, this one's going to be a double whammy!
So far, it is tracking right between the two.
Sounds good, thanks for all your insights in 2020!
I really learned from your blogs.
Stay safe & free😉
Thanks you as well!
What I'm seeing is fear from the altcoin space, so people are abandoning their positions in altcoins... I think we'll be seeing some filter of shitcoin going through altcoin space, that may be good for hive.
Hopefully! And yes that is also why bitcoin is going up.
Are we going to test some lows now ?
What you think about 30-40% correction?
I think there will be a 30% correction at some point, but not yet.
Be that as it may, bitcoin is rising fast and I say that this year will be different as governments are seeing that traditional coins are losing their value, so they will get crypto so not only bitcoin benefits from this party.
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Dang, thinking about this really makes me feel like I should be moving some more money over into BTC. Even if it is only a fraction of a Sat, I feel like I need to hold some more. I would be so happy at $700k. That would probably be enough to make me not feel bad about selling off some of my Sats.
I think you are right in thinking we might be somewhere between the two. This is a whole new era of blockchain and cryptocurrency and while it may be similar to past years, I think we are breaking new ground from this point forward.
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I am not sure what the right allocation is currently. I suspect bitcoin dominance will keep increasing but at some point there will be a major altcoin rally. The gains in altcoins may even surpass those seen in bitcoin, so it's tough to say.
Exciting times!
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Tôi chẳng hiểu bạn đang muốn truyền tải thông tin gì cả. Bitcoin đang tăng mạnh không thể có xu hướng như bạn nói được, bạn đang nằm mơ hay sao. trái đất này sẽ tận thế, tôi nghĩ vậy được không.
Tôi nghĩ năm 2021 bitcoin sẽ thống trị cả thế giới. Tôi tin điều đó. Vậy nên chúng ta hãy tích trử từ bây giờ
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Learn, Hold and Earn
Nice!!!!
Daily Manager for Crypto Revolution
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More info why you see this.
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