The Climb To An All Time High

I find it so crazy that it was only 3 years ago that we broke down from 20k all the way down to like 3k with some people making off like bandits in Bitcoin sales at the top, ETH sales and the new altcoins of the time as well as those who exit scammed during the ICO boom of 2017.

People really are fickle creatures, around 2016 seeing Bitcoin at this price was literally nuts, altcoins were doing 10, 20x, 1000x just by launching on an exchange and it was the most amazing shill and greed fest I've ever seen in my life.

Now we're at that same so-called nose bleed levels and yes the hardcore coiners are making a noise, but for the most part, you do not see an overwhelming drive to crypto from new bright-eyed investors.

Desensitised to number go up

There is for sure a psychological barrier known as 20k that needs to be broken before people who aren't all that crypto savvy or interested think hey its time to get in. The whispers and sentiment pique and people want to get in on the next bull run squeezing supply and pushing it even higher.

Right now it's still those crazy SOB's building resistance on the 17k and 18k range, and we love them for it.

As we plot a chart to the unventured territory things tend to get a little crazier, the volatility is sure to pick up, and this is where the gamblers tend to want to get in on the action.

The great pullback before launch

There's something magical about 20k the perceived all-time high means different things to different people; there will be those who had HODL'd all the way down that may want to get out.

There may be those who feel the market is too frothy and not willing to push their luck and want to get out.

There will be those that feel that it is now "overvalued" in a sense since this is where it topped out last time.

I think for those reasons we should see net selling going down and it should break down to around the 17k range where I see quite a bit of buying pressure building.

Big price swings attract the crazies

As Bitcoin tends to swing around its all-time high and it gets more violent trading, those swings become tasty to day traders and new traders thinking they can get a piece of those daily spreads.

As the news spreads, you'll see those fresh traders who never had a bear market under their belt think they such geniuses as we did in previous bull runs and they're going to come in to try and punch above their weight.

To be honest, I am actually keen to see how stereotypical people will react, versus what I saw in the last run, and I'll be enjoying my popcorn this time around. Instead of sweating bullets trying to sell at the "right" price lol, wtf was I thinking?

Ah we live, and we learn, don't we?

Gridlock is inevitable

In the last 3 years there hasn't been much improvement to Bitcoin yes we have segwit and lightning network. However, hardly any people use those addresses; many still use the old on-chain addresses that have severe limitations to how many transactions can be processed.

Personally, I don't think Bitcoin deserves these valuations since it cannot handle that much more transactions than it could in the frenzy of 2017.

Will we see $50 transaction fees once again? Highly likely as people get so desperate to make trades.