Some people may have jumped too quickly to comparing now to the end of 2017, and forgot we had several big crashes in the middle of the bull run. Some also around 40%.
Keep in mind that Bitcoin had only gone 3x the previous bull market's ATH ($19,500) so far in this bull run. At the end of 2017 it had already done 15x. So it's hard to imagine that this bull run would end this soon.
In the last bull run, Bitcoin had gone 3x in the summer of 2017, then had a big crash in July.
A scenario that looks familiar to what we're in right now:
Put these two events together, and you see a lot of the same patterns:
We seem to be repeating more and more of the same patterns from 2017. History is starting to really repeat itself.
Which would seem odd since we now have big institutional players, on top of everyone now knowing what happened in 2017. But that hasn't stopped people from repeating all the same mistakes. The same FOMO buying when the price goes parabolic, and panic selling at the first dip. Same volatility. Even falling for all the same scams all over again.
New players may have bigger pockets, but human psychology and behavior remains the same.
If you look at the bigger picture, it not only looks like we are following the same trend, but the price going back down is actually putting us back on track:
We were getting too close to the upper band, and there may have been the beginning of a deviation forming. The crash has dramatically corrected that, and actually put us back more into the usual pattern, and kept us from reaching the peak too prematurely and at a lower price.
Whether this crash was caused by a Wyckoff formation or pure manipulation is another story. But whatever happened seems to be the same behavior we've seen in the last bull run.
submitted by /u/fan_of_hakiksexydays