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Home Cryptocurrency news

Perceived Bitcoin Value Outpaced Peak Crypto Bubble Mania

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin crypto bubble mania
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It’s been an interesting and confusing year for Bitcoin price, with the crypto asset bottoming out in $3,100 at levels of extreme fear and panic, then in just a few months growing 350% and once again causing talk of moonshots and Lambos across the market.

In fact, during the most recent “echo bubble” as it’s being called, the perceived value of Bitcoin exceeded that of the peak 2017 crypto bubble mania. However, price fell short of setting new high alongside the lofty price perception, and one analyst says that data point looks “bad” for Bitcoin, and says that prices of $2020 in the year 2020 aren’t that “crazy.”

Bitcoin Perceived Price Value Reaches Crypto Bubble Levels

After a stellar year for Bitcoin, bringing investors who bought the bottom over 350% in gains from trough to peak, the crypto market has once again turned bearish. Following the top of the 2019 parabolic rally back in June, the market has slowly returned to a state of fear, panic, and despair.

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Related Reading | Give Thanks For These Crypto and Bitcoin Black Friday Deals 

But it was only a short time ago, that Bitcoin was trading above $10,000 and talk of riches and $1 million dollar BTC became commonplace once again. It was as if crypto investors suddenly forgot about a full year of bear market, and all of the pain it caused.

The irrational exuberance can be seen via the sentix Strategic Bias index, which assigns a score measuring the perceived price value of Bitcoin. The metric outpaces the hype and bias surrounding the peak of the 2017 crypto bubble, however, price failed to set a new high as well.

This looks bad…

The perception of value for #bitcoin exceeded the 2017 mania this year but price did not.

A change in perception like 2018 will likely drag the price down much further than the majority expect.

$2020 in 2020 doesn't seem crazy to me. pic.twitter.com/8G8vQWxaQA

— EX (@icoexplorer) November 29, 2019

The analyst who first called attention to this “bad” looking metric says that for “perception of value to exceed the previous levels and price fall short” it says “that selling pressure was so high,” and claims that that “hopium addict” crypto investors “provided liquidity” for boomers to unload their bags at a lot higher prices.

Because price perception so greatly outpaced the actual price in 2019, the analyst says that seeing prices of $2020 per BTC in the new year wouldn’t be “crazy.”

Calls For New Lows At Recent Top Would Be Called “Crazy,” Not So “Crazy” Anymore

Given how exuberant crypto investors were at Bitcoin’s recent peak, any talk of prices of $2,000 Bitcoin would have been met with much confrontation, calling such claims “crazy,” especially considering how quickly the first-ever crypto-asset ran up from the then bottom at $3,100.

Related Reading | Should Bitcoin Investors Be Thankful It’s Thanksgiving? 

Now, that fear has returned to the market, and Bitcoin is trading at prices back around the $6,000 range it has already once broken down from, thinking that the bottom isn’t in and Bitcoin could reach prices around $2020 in 2020, doesn’t sound so crazy anymore.

Featured image from Shutterstock
Tags: bitcoincryptosentix sentiment bias index
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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