How high will Bitcoin go during this next bull cycle?
If history is any indication, prices are going to go a lot higher.
Looking at the past market cycles we can see some major similarities to what is going on currently with bitcoin.
In fact, the drawdown in 2018 looked eerily similar to what happened in 2015...
That appears to be nearing its end now, which means the next bull cycle may be on its way.
If that same pattern repeats, how high might bitcoin go during its next bullish phase?
Well, taking a look at the charts we get something like this:
(Source: https://twitter.com/galaxyBTC/status/1123557006634356736)
The last bull cycle in 2016 and 2017 was one of the biggest ever for bitcoin, though not THE biggest.
If we were to see a similar rally to what we saw then, we would see bitcoin prices up near $330k.
Yes, go ahead and read that again...
Bitcoin would be $330k if it follows the same pattern it did during the last bull cycle.
Sounds pretty crazy right?
But wait, there's more!
Looking at some more stats from bitcoin's past...
We can see that each time bitcoin has fallen by more than 70%, the following cycle peak has been rough 5X to 17X higher than the previous one.
If that happens again this time around, then the next all-time high will be roughly between $100k and $335k.
Wow!
That gives us two historical patterns that gets prices up near $300k within the next 2.5 years, with a lower range of roughly $100k.
Not sure about you, but I certainly like the sound of that!
Now we just need steem to actually start going up with bitcoin like it did during the last bull cycle!
Stay informed my friends.
-Doc
To the Moon 🌝
Hopefully it drags steem up with it...
<3 Following the Leaders, the Leaders <3
<3 GO TECH! <3
Crazy gains!
Yep. If bitcoin plays catch up, we could be seeing 5 digits on bitcoin again soon.
If only Steem played as well as the others, but no, some devil possessed them :D
Yea I hope it is not foreshadowing things to come for it... Why do you think it has been such a laggard lately?
BTC is not a mainstream thing, as those 3-5 greatest and the most "visible" are. There must be some period of attenuation, for some "brave", easily obtained money to be invested into something risky.
During the summer/autumn 2018, when top tech companies lost their breath, BTC suddenly just dropped.
Concerning Steem, the reason is simple, you can't fall in love twice with the same person (*fMRI study, quite good). They are not able to project their growth to make it sustainable and they have no clue what is a roadmap. If you have no clue where you are, what are the goals and where you want to finish - you are Alice in Wonderland. And it's not a good place to be of you are a 100.000.000+ $ worth!
YouTube is chasing away some content creators. If Steem rulers still have a neuron or two, it could be a goal chance
They have had this chance for over 2 years now yet haven't done anything with it. The question is why is that?
I am hoping they just weren't able to scale, but I am not even sure if that is why...
I really don't know why?
Hehe my friend, to be honnest are we sure we still have a dev team in Steemit? I mean their delivering is so low. Even a part time programmer would do more... What we saw for the work of their dev team the last months? a downvote button? and the worst is that they look proud of it... I would be shy honnestly.
I simply think that Ned is living from the profit of the company done each month by selling their stake and it is all. We have nothing more than that on that blockchain.
So for sure we have dapps and a community but the main actor, STEEMIT is just ruining all the rest. They saw it short term on this project I think. It is a way to do it but they could have been able to make so much more money from it if it has been well managed.... But you know, if it is enough for Ned to have a nice life, why he would stress for more.... I think we are really in that configuration.
It certainly appears that way. It is a shame if that is the case. He was happy with a couple million while missing out on generational wealth if they actually built something of value here. If the steemit,inc team isn't going to be delivering anything of value, how do you feel about steem as an investment? Can it survive without them?
Yeah, how about something that any other social media have had for over a decade now, like the ability to set up notifications within the native environment? We have to go to 3rd parties to find those features, and honestly they're nothing to write home about. I just recently discovered Partiko, and it seems pretty good so far, but Steemit should have these basic functions, like years ago.
It's a big question, what they really want.
From a logical POV, it would be to make more money.
As we all know, people are all but rational.
What would many people do, have a stable family, build a home, live in something sustainable... Or... Pick up a collection of STDs and have an affair worth nothing. Many people choose the second option. Several times in their lives.
Well wouldn't they make more money by actually creating something of value that people want to use?
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Thanks.
Thanks for the post.
And agree, come on Steem! :-)
Posted using Partiko Android
It's been a major laggard as of late, any idea why?
I don't. Interesting how it almost seems more connected to $ levels than it does Bitcoin levels. Around 33¢ has been important.
I find there's a concerted effort to make Steemit look bad online (i.e. Wikipedia, etc ). Social media control is so much more important than people realize, and I fear some groups are trying to keep Steem and Steemit down because of this.
Is it also the inflation?.. I don't understand, being that Steem already has a legit use case.
My guess it has to do with the higher than average inflation rate, whales selling, lack of development from main development team, and basically a lack of advertising/promotion... Some combination of all of the above. People likely dumping it as well to chase other coins that are performing better.
I’m bullish ! Good write-up!
Posted using Partiko iOS
I am as well.
Don't doubt it: the sky is the limit. There is no going back, according to the forecasts!
I was thinking somewhere around $40k-$50k personally, but these forecasts blow mine out of the water.
Lol and we thought we lost our minds on the last bull run, if this comes true in the next to years crypto FOMO will be the leading cause of depression for sure. Could I possibly retire on crypto in 5 years? Oooh thats a nice prospect !
Only if you have enough now!
If...then, if...then
Just speculation, no hint that the pattern can repeat.
Well, these patterns have played out since bitcoin was created. That would mean that if it didn't play out again, it would be the first time ever and something out of the ordinary for bitcoin. (I am referring to the next all time high being at least 5X the previous one)
Bitcoin will always lead the pack and asset class for price but eventually other coins will start to go on their own direction according to their own results and adoption which will be the main driver.
Posted using Partiko iOS
Where does steem fit in? The market isn't being kind to it lately...
this is the moment for bitcoin it can surpass new heights
I think it will, just a matter of when.