• Gigan@lemmy.world
    link
    fedilink
    English
    arrow-up
    0
    arrow-down
    1
    ·
    4 months ago

    I don’t know how much you know about bitcoin, but 7 years ago it was worth $1,100.

    • TimeSquirrel@kbin.social
      link
      fedilink
      arrow-up
      0
      ·
      4 months ago

      That’s not my point. I was talking about the recent price rise.

      Every boom/bust cycle so far (and there have been about 4 or 5 of them), you get an initial spike, followed by a second one, and then a long, drawn out “despair” period after a crash.

      What you’re seeing is the second bounce of a spike that has been ongoing since about 2019/2020. The “despair” phase is probably not too far off now.

      I know the past is no indicator of future results, but when it happens over and over and over again, well…

      • Gigan@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        arrow-down
        1
        ·
        4 months ago

        Again, I’m not sure how much you know about bitcoin because the boom/bust cycles you’re talking about are reflections of the halving cycle, not dead cat bounces. The next halving is going to happen in April this year, and after that the price is going to go up even more. I’ve been through this before, I’m not worried about the despair phase but that’s not what’s coming next.

          • Gigan@lemmy.world
            link
            fedilink
            English
            arrow-up
            0
            arrow-down
            1
            ·
            4 months ago

            That makes sense, since each halving reduces the supply by a smaller amount. But it will still have an upward pressure on the price.