When Will Bitcoin Hit Its Next Peak?

It might not be for a long time

For every person that loves Bitcoin and the general idea of a decentralized currency, there are 10 more that just want to trade it and make money off of it.

This is the case with all kinds of assets. Whether it’s stocks, real estate, or Pokemon cards, there are more people interested in making money than simply owning the asset because they love it.

The main reason to own an asset is to gain value over time, so there is no shame in getting in just to make money. But anyone interested in owning an asset of any kind should understand that the majority of the market is only interested in making money.

There is no sentimental value to them and no reason to hold on if it seems that the value will shrink — even if just for a short time.

This is the story of Bitcoin to a tee.

Bitcoin began trading in 2011 and did not hold above the $100 mark until 2013. From then up until 2017, Bitcoin would push $1,000 and then fall back to the $200-$400 range. It was growing ever so slowly and giving Bitcoin holders a wild ride in the process.

Bitcoin began 2017 at just over $1,000 and grew to $3,000 by August.

On December 15, 2017, Bitcoin peaked at $19,497, an increase of 1,850% intra-year.

Within two months, it was below $7,000.

Bitcoin halved from there. A year after it pushed $19,500, Bitcoin was worth $3,500.

Bitcoin broke $12,400 by June 2019 and fell back to $5,200 in March 2020, the early stages of the pandemic.

By October it was $10,000 and in January 2021 it was $38,000. By February it was $56,000 and in April it was $63,000. Now July, Bitcoin is back down to $33,000.

This is the sort of crazy price action that long-time Bitcoin holders and traders have become all too familiar with. The highs are crazy but relatively short-lived while the lows are fairly consistent and long.

You stay in, though, because those highs can deliver such an insane amount of growth in a matter of weeks and months. Years of uneasiness can be paid off in what feels like an instant.

Newer crypto traders must be wondering, though: when will it pop next?

The short answer is to say that nobody knows. While it seems like Bitcoin has developed a solid line of support at the current level it’s at, I don’t think it would shock anyone to see it fall further from here.

Bitcoin has been making lower highs for four months now, a sign that technical traders use to show a downtrend in the market. It seems clear that Bitcoin’s fire has lost its fuel.

If Bitcoin’s history tells us anything, it might not make a huge run again for years. It took Bitcoin almost three years to break its 2017 high of $19,500. When it broke that barrier, it broke it hard. But it took a long time to build the momentum.

Bitcoin’s current price consolidation may show that all the short-term money-grabbers have exited their positions, leaving only the long-term holders to keep the price afloat. If that’s the case, Bitcoin may not have to wait three years to break $60,000 again.

It could, though, and anyone still holding Bitcoin should be prepared for that. And once it finally reaches that point, it will be just as crazy, fast, and fun as the run of 2021.

Source: https://medium.datadriveninvestor.com/when-will-bitcoin-hit-its-next-peak-1e1501e81bb?source=rss——-8—————–cryptocurrency