After the price of bitcoin touched a high of $64,895 per unit, speculators and skeptics think it might have been the top of the bull run and a 2018-like bear run is next. On Sunday, May 23, bitcoin prices have dropped to a low of $31,107 and bears have managed to take the reigns for a period. However, not everyone is convinced the current crypto bull run is similar to 2017, as a number of crypto proponents think the 2013 bull run is more aligned with present trends.
‘Two Major Peaks 8 Months Apart’
BTC has seen better days and a month ago, the price reached $64k per coin but four days ago, BTC prices dropped to the lowest price point of 2021 at $30,066 per unit. That’s a massive loss of 53.66% in a month’s time, but bitcoin prices have managed to rise a hair higher than the bottom. However, on Sunday, bitcoin (BTC) prices tapped a low of $31,107 and prices have neared the bottom low once again. Since this market carnage has happened, the capitulation has once again invoked BTC haters and pessimists that have said: “bitcoin is dead.”
“Pumpers who assured investors Bitcoin would never crash again now claim the crash is healthy and necessary to purge the market of excess speculation,” Peter Schiff wrote on Sunday. “They say China banning Bitcoin as other governments impose stricter regulations is bullish. Denial ain’t just a river in Egypt,” he added.
Some skeptics and pessimists have said, BTC touched a top at $64k per coin, and now the market is entering another ‘crypto winter.’ Many speculators have said the 2021 bull run is similar to the bull run in 2017 and 2018’s bearish consolidation is now in the cards. Despite these theories, there are those who believe BTC’s current run is more reminiscent of 2013’s bull run. On Sunday, the Youtuber and crypto proponent called “Colin Talks Crypto” tweeted that he believes the current trends may be similar…