This chart is drawn based on the path from 2017s high at 20k. The support and resistance lines are drawn using a rough approximation
from what they were in 2017. There is some deviation from these levels but this could be easily explained by external variables such as the FOMO that was introduced when BTC made news by breaking record all-time-highs in 2017.
Since 2017 BTC has been in the back of peoples minds. "20k!? theres no way, it's just a phase." and peoples expectations were satisfied as BTC slowly dropped towards 3.5k.. but it doesn't end here.
Another important factor to consider is cryptos increased adoption and infrastructure. The climb to 20k for BTC was an impulsive reaction to the introduction of blockchain technology and the possibilities it presented. "but what are those possibilities?" was the question asked by those still seeing 2017 as a bubble that would disappear. Since then, crypto has only gained more exposure and adoption. More people are accepting BTC for payments and development has increased to integrate blockchain and crypto into everyday interactions and transactions. The basic idea is, Crypto isn't disappearing like people thought it would.
from what they were in 2017. There is some deviation from these levels but this could be easily explained by external variables such as the FOMO that was introduced when BTC made news by breaking record all-time-highs in 2017.
Since 2017 BTC has been in the back of peoples minds. "20k!? theres no way, it's just a phase." and peoples expectations were satisfied as BTC slowly dropped towards 3.5k.. but it doesn't end here.
Another important factor to consider is cryptos increased adoption and infrastructure. The climb to 20k for BTC was an impulsive reaction to the introduction of blockchain technology and the possibilities it presented. "but what are those possibilities?" was the question asked by those still seeing 2017 as a bubble that would disappear. Since then, crypto has only gained more exposure and adoption. More people are accepting BTC for payments and development has increased to integrate blockchain and crypto into everyday interactions and transactions. The basic idea is, Crypto isn't disappearing like people thought it would.
Comment:
Wasn’t to far off actually
