Bitcoin is now trading over $7,000 below its peak reached to start the year – a peak that is more than double its previous all-time high. And while believers in the cryptocurrency are certain this is just another pullback before more price discovery, the similarities between the 2017 top and now are undeniably striking.
Here’s how the two potential tops compare, but why this time still could be very different from the last.
Bitcoin Bubble Returns, But Is It Already Ready To Pop?
Trending: President Trump Has A New Slogan!
Outside of the crypto Twitter echo chamber, financial analysts and economists are once again beginning to warn that Bitcoin is a bubble, potentially being inflated even more so this time around as part of the “everything bubble.”
And while crypto enthusiasts are quick to write the notions of naysayers off as just plain wrong, the current price action since $42,000 was tapped, closely resembles the 2017 peak.
Related Reading | Bitcoin Trend Strength Suggests No End