Thursday 05 January 2017, Bitcoin was floating around $990 per coin and the rewards miners were getting per mined block were cut in half since July 2016. Who would have thought that BTC will fly as high as $20,000 by the end of that year? The move was epic and the bear market that followed has resembled its climb.
Four years later, we have a Bitcoin that struggles to hold $47,000 and some of the analysts are concerned about a potential bear market that Bitcoin might have entered. Nevertheless we should take into perspective the fact that the current price of BTC is still over 2X the one that it peaked at on December 17, 2017.
In case you missed it, this day marks the fourth year that passed since Bitcoin peaked at $20,000. It's two years since that epic peak and one year epic rally that BTC has recorded. Most of us are expecting for it to replicate that, but it might not happen.
We've entered a different era in crypto, the way I see it, where halvings that were determining cycles for Bitcoin are no longer that impactful. The rewards have been slashed and slashed and the next halving will have even less impact.
Miners are no longer that incentivized to sell, as they were four years ago. Back then the business was based mostly on mining and dumping. Now they can use their BTC as collateral, or earn interest on it, some of the companies have gone public, it's a whole different landscape.
Somehow, the majority of us is still waiting for December 17, 2017 to repeat itself... Not going to happen. That was a different era from what we have right now. When you have rap legends like Snoop Dogg who get involved that deep into NFTs and potentially metaverse stuff and even the former first lady releasing her NFTs on Solana...
You know we're up to something and we don't play on the same rules. Not to mention the president of El Salvador who's made his little country, the Bitcoin country.
I personally don't think that anything that we've had in crypto, in terms of price action, shall repeat. I believe that the cards have changed a lot and the game is different. I no longer expect any parabolic rise, but neither do I foresee any bear market ahead. It's going to be different.
That's how I see it. What do you think though?
Thanks for attention,
Adrian
