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Bitcoin boomed in 2017 after a $1800 drop, but Reddit is skeptical this time

15 Nov, 2018
by Jelmer van der Dussen
News
Bitcoin boomed in 2017 after a $1800 drop, but Reddit is skeptical this time

Is there any reason to be optimistic with Bitcoin dropping 11% in less than 24 hours and $20 billion gone in the total crypto market in the blink of an eye? Well, scour long enough on Reddit and you'll still find positive vibes, despite the bearish state of the market we're in.

Not long after the drop, Reddit user 'pmayall' pointed the crypto community on a similar drop just over a year ago. In November last year, Bitcoin lost around $1800 of its value in a matter of days, falling from close to $7500 to $5700.

Read more: Craig Wright threatens to send Bitcoin price down to $1,000, while BTC dumps

More interesting is what happened right after. That $1800 drop was the start of a strong rally of Bitcoin, with BTC steadily climbing up to the all time high of $19,978,60 on December 2017. The post of 'pmayall' got a lot of traction on Reddit in terms of upvotes, with people clinging to such theories mostly to make themselves feel better in times of despair.

THIS DAY LAST YEAR. BTC dropped over 2,000$ and then BOOM. from r/CryptoCurrency

So is this a similar situation? The drop in November 2017 could be seen as a little break for Bitcoin on the way up. Now, BTC is on the way down for 11 months already, with the price now at $5639, according to data of Coinmarketcap at the time of writing. A drop of this size in a bull market or bear market is a huge difference.

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Redditors are therefore not convinced that this drop can lead to a similar rally as the one from last year.

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Others just want it to be true, and see the strong bounce of 2017 happening again.

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With the discussion around Bitcoin completely focused on price these days, why not have a look at the reasons to be optimistic in the midst of this crash?

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Read more about:Bitcoin (BTC)

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