zycrypto.com
For weeks now, the crypto industry especially the Bitcoin market has been striving to keep the bears at bay, but that has proven to be a huge task for the dropping market.
Bitcoin has been struggling to push through or at least keep within the 2019 high of $13k. However, that hasn’t quite been easy. The top coin has now dropped right below the $10k support level and is now trading at around $9,600.
A lot of Bitcoin aficionados and traders alike have sought to compare the current push to $14k to what happened in 2017 right before Bitcoin reached the All-Time-High of $20k. However, Crypto analyst ‘Michael’ thinks this comparison isn’t really right. It’s fair to note that Bitcoin hasn’t reclaimed the ATH since 2017.
No Comparison To The 2017 Bubble
In a tweet that has since attracted a lot of responses, Michael seeks to dispel notions that the push to almost $14k is any similar to the market situation of 2017. Rather, he says that the current dynamic in the Bitcoin market is only comparable to that of early 2016 when Bitcoin broke out of the bearish grip, effectively setting the stage for the subsequent crypto boom of 2017.
Euphoria Is Coming
Going on, Michael opines that just like what happened in 2017, the Bitcoin market will eventually experience euphoria in 2019 right after the current bearish sentiment is dealt with.
His sentiment suggests that Bitcoin seems to have a cycle whereby a bear market is followed by a serious bull market that sends the community into euphoria. Indeed, if what happened in December 2017 is anything to go by, Michael’s opinion may not be far from the truth.