On the Importance of Zooming Out With Bitcoin
A year ago, Bitcoin broke the $20k mark, everyone was euphoric. Today, Bitcoin is at $46K, and everyone is scared.
Just one year ago, on December 16, 2020, to be precise, Bitcoin crossed a historic mark: the $20K mark. Three years after the Bull Market of 2017, which saw the price of Bitcoin approaching $20K, the digital currency invented by Satoshi Nakamoto was about to experience phenomenal months, culminating in an ATH close to $65K in April 2021, and then an ATH at $69K on November 10, 2021.
As I write this, the price of Bitcoin continues its accumulation phase, moving sideways in a range of $46k to $52K.
The prevailing sentiment in the Bitcoin market today is one of extreme fear. It's funny to compare the current sentiment to the one that was prevalent at the end of 2020:
So, with the price of Bitcoin at $20K, everyone was euphoric a year ago as shown by the Bitcoin Fear & Greed Index which was positioned above 90. Today we have a price at $46K, and the market is dominated by extreme fear.
That's pretty amazing, what do you think?
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