It was pointed out on Twitter that, just two short years ago, Bitcoin was hitting the peak of its most recent bull run — touching close to $20,000. The question of what the recent bear market has meant for the asset was then debated, with some claiming that this is the beginning of the end… and others unconcerned.
The point was originally made by Twitter account of Rob “Crypto Bobby” Paone (@crypto_bobby) in a tweet, where he shared what the market price of both Bitcoin and Ethereum were two years ago to the day.
Two years ago to the day…
BTC $19,140
ETH $719— Rob "Crypto Bobby" Paone (@crypto_bobby) December 17, 2019
While he made no other statement about this fact, people across Twitter were quick to throw in their opinions about the previous bull run and where we are now. Many of the responses recalled that, much like any bull run, it was a time of extreme hype and relative chaos.
Two years ago to the day…
People were saying that you shouldn't be taking profits, that you were going to "miss the real pump", and that you had "weak hands" if you were selling anything.
— Emptybeerbottle (@Fullbeerbottle) December 17, 2019
Of course, there were those that jumped onto the bandwagon of claiming that Bitcoin and Ethereum were eventually going to crash altogether, pushing the narrative that this drop is due to the fact that these coins have no intrinsic value.
2 years from here btc 10$ eth 0.1$
— CryptoPhoenix (@CP_bitcoin) December 17, 2019
Obviously not everyone was panicking — and many traders are very much aware that this bear market was always going to be part of the larger cycle. When looking at the Bitcoin price on a long-scale logarithmic chart, it is easy to see that this has been merely a return to a much longer ascending trend line.
True, should the price break notably lower, it could spell a change in the growth of the market — but, for now, there is no reason for undue concern. BeInCrypto has even recently reported that there is evidence for major whales buying at these levels.
Nobody can truly say where the market is going next. Looking back, specifically, two years ago may make the situation look bleak — but zoom out to two years before that, or another two years further still.