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A discussion has sparked on Reddit over the potential of Bitcoin’s parabola, and whether BTC can match the heights of the 2017 bull run. So what does the community Think? can BTC reach near $20k in 20 days, or will this time around be different?
The Reddit post looks back to the seemingly insurmountable heights Bitcoin reached back during the last bull run back in 2017; In which Bitcoin went from $8k to $18k in a mere 20 days, causing a hubbub of conversation around whether the same is possible this time around…
BTC/USD Chart provided by Tradingview
Can it happen again?
The vast consensus, it seems, is no... Because that’s not really how the market goes.
One response made the point that Bitcoin was already at an all-time high by that point in 2017, meaning that the comparison doesn’t really correlate.
Another user expanded this point suggesting that comparing this price point was fairly redundant, as that stage of bitcoin parabola does’t accurately reflect the stage at which the current cycle is in, adding that a better price point and cycle positioning is reflected within the mid-2015 market:
Giving a slightly different angle, another user suggested that BTC could technically go the other way…
Another proposed that this was a reason for holding, as you can’t truly predict the outcome of the market:
So, while the last time BTC was $8k is perhaps a slightly ill-advised point at which to compare and contrast the market, the vast consensus appears to be set on the idea of Bitcoin beginning a new bullish cycle, which could make a previous high of $20k seem tiny in comparison…
What do you think? Are we following any previous market cycle? Or carving our own path? Let us know your thoughts in the comments!