With the Bitcoin, dip continues to hold its field yet its supporters are hopeful that Bitcoin is on its way to repeating the history like the one in 2018. They are suggesting that apparently, there is a dip but it does not reflect the end of the Bitcoin rally. Instead, they believe that the present circumstances are a repetition of the Bull Run that occurred in 2017. While there is a majority who thinks that instead of 2017, the current circumstances are more like the ones in 2013.
For the past couple of months, particularly since the start of 2021, Bitcoin supporters have been able to live their dreams. Most of the predictions regarding Bitcoin came to be true and at one point in time, Bitcoin went above its all-times best value i.e. US$ 64,000 plus. However, all Bitcoin needed was an evil eye from amongst its supporters and resultantly the continuous surging of Bitcoin’s underlying value was spoiled. Though Bitcoin is recovering and today trading hands with a price of US$ 37,888%, yet it went down to even US$ 30,066.
It was recorded not too long ago but precisely 4 days ago, that Bitcoin lost almost 53.66% of its value. These circumstances also gave rise to a debate, which though was buried a long time ago. Bitcoin haters while grabbing the opportunity started to criticize the coin and claimed that it is dead and over. Their argument grew further stronger when they also referred to Tesla’s recent departure from Bitcoin.
However, there is another group of people and Peter Schiff had duly described them.
In his message, Schiff stated that those people who had not thought that from now on Bitcoin would not be affected are now changing their stances. He suggested that they are now claiming the dip is irrelevant and what is relevant is there is an apparent bullish signal. They think that the prevailing circumstances, coupled with the Chinese ban on crypto, would boost the crypto market excessively. He opined that these people fall in the group of what is called “deniers”.
However, a large portion of Bitcoin supporters is agitating the idea that similar circumstances also prevailed in 2017. At that time, Bitcoin took a massive hit but retreated while accumulating a very long rally, which lasted for long. However, there are also people who refute this argument and suggesting that circumstances are similar to that one that prevailed in 2013. They opined that if the present situation is similar to 2013, then Bitcoin’s prices would peak by the end of 2021 or the start of 2022.
However, even though the current state of Bitcoin is speaking to the contrary, but in the Bitcoin community, there is still hope. However, is it a bullish indication or not, only time will tell.