It has been a long time since we have seen a big rally from the world’s leading cryptocurrency bitcoin as the value of the coin is going down day by day.
Last time, bitcoin showed a huge rally in the year 2017 bull-run. At that time it hit the 20K mark. But after that, it failed to show such a brilliant performance. Now the question arises that will we see another big bullish rally from bitcoin ever again?
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Bearish Behavior Troubles Bitcoin
The world’s leading cryptocurrency is in a critical situation as the price of Bitcoin has again started to show bearish behavior.
Recently, Bitcoin has faced another price crash going below from $8,000 to $7,500. And Bitcoin is not giving a green signal for the future rally as well.
After this price drop, there are certain expectations about bitcoin that it may not see a bullish rally this year.
2017 Bull-Run was a one-off event
u/Viruscatman has explained the bitcoin situation in a Reddit thread and says that the bullish performance of bitcoin in the year 2017 was a one-off event that is never going to happen again.
He says that if people think that Trillions will flow into bitcoin because of its scarcity then they are mistaken. As he stated in the Reddit thread:
Going from $300 to $20k took about 200 billion give or take. Chump change. You guys seriously think TRILLIONS are going to flow into bitcoin overnight because it’s getting more scarce”?! If people are not interested in bitcoin they don’t give a crap if it’s scarce or not.
The Reddit thread also explained that a lot of money and huge investments are needed to take BTC to the $50k or $100k mark.
Facebook’s Libra increases scrutiny for Bitcoin
It was expected that after the announcement of Facebook’s Libra, bitcoin will see a big bullish rally.
But after hearing the news that Libra may not launch due to its regulatory issues, the expectations of a BTC rally have come down. Instead, Libra has invited scrutiny for the leading digital cryptocurrency.
The price of bitcoin is heavily relying on the pair with stablecoin Tether (USDT) because, in 2017, USDT affected the bitcoin price to go high. But this time, even USDT is not proving beneficial for the coin.