Bitcoin Price at $10,000: Then Versus Now and Revisiting the Last Crypto Bubble

Tony "The Bull" Severino

6 years ago

2 mins read

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During the 2017 crypto bull run, Bitcoin price spent very little time above $10,000 once it got there. Around Thanksgiving, Bitcoin broke above $10,000 and by Christmas it had already hit its all-time high of $20,000 and began the start of its correction that led to a long bear market.

At that time, there was a media frenzy, widespread FOMO, and more driving up the price so quickly. This time, crypto and Bitcoin has since been pronounced dead, and the retail investing public has completely forgotten or written it off as a scam, fad, or worse. The difference in sentiment alone is interesting, despite the prices levels being the same – what else is different this time around?

Trip Down Memory Lane: Revisiting the Crypto Bull Run of 2019

Everywhere you looked, in the last few months of 2017, there was Bitcoin. The crypto asset was the talk of dinner tables on holidays, made headlines at major media outlets everywhere, and genuinely shocked Wall Street pundits who had written it off as a waste of time or money, a scam, fad, or vehicle for illicit activities.

The mainstream buzz captured the attention of the public, who were intrigued by the digital version of money and hypnotized by the allure of wealth and richest beyond their wildest dreams as stories of early Bitcoin investors turned millionaires were featured on primetime television.

At this point, the vast majority hadn’t even heard of Bitcoin let alone know what it was. But curiosity was piqued, the cat was let out of the bag, and Bitcoin became a household name – even making its way onto beloved TV shows like Jeopardy or in board games like Scrabble.

However, the bubble popped, and all enthusiasm left the market throughout a long, arduous bear market… until now.

Bitcoin Price Revisits $10,000, But This Time Is Different

Considering the “euphoria” and “frenzy” there was surrounding Bitcoin the last time it reached $10,000, it’s not surprising it hit $20,000 only a couple weeks later. But this time around, mainstream media isn’t covering Bitcoin, it’s not being featured on magazine covers, and it isn’t the talk of the town like it once was.

Last time Bitcoin approached $10k there was euphoria & frenzy

This time there is tamed enthusiasm

This is because the bull market hasn’t even begun

$10k BTC now is like $500 BTC in 2016

— Dan Gambardello (@cryptorecruitr) June 21, 2019

The same price point that caused widespread FOMO, has barely even been noticed by the public. The significance is clear though, and once breached another bull market is on.

Other changes this time around include increased institutional interest, major finance powerhouses are entering the space, and even tech giants are getting in on the fun. Bitcoin and crypto are now common household terms that everyone has heard of, even though they may still not understand their value or potential.

When the public eye does catch onto Bitcoin once again, they’ll again show up late to the party. But when it happens, Bitcoin is likely to set another all-time high.

Featured image from Shutterstock

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.