{"id":547375,"date":"2023-08-15T23:00:52","date_gmt":"2023-08-15T23:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=547375"},"modified":"2024-06-11T12:30:47","modified_gmt":"2024-06-11T12:30:47","slug":"will-bitcoin-price-crash-similarly-to-2019-and-2020","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/will-bitcoin-price-crash-similarly-to-2019-and-2020\/","title":{"rendered":"Will Bitcoin Price Crash Similarly To 2019 And 2020?"},"content":{"rendered":"

Bitcoin price has mostly maintained the $29,000 level for the better part of the week. This points to low activity and momentum in the market, as well as a reluctance to engage in the digital asset at this point. One reason for this reluctance is the expectation that the Bitcoin price will see another crash before the bull market resumes. However, this crypto analyst explains why expectations may be dashed this time around.<\/p>\n

Bitcoin Price May Not See A Repeat Of 2019-2020<\/h2>\n

Before the 2020-2021 bull market kicked in, the Bitcoin price had seen a rollercoaster year. Mostly, the bear market had ravaged the digital asset<\/a> causing it to fall more than 80% below its all-time high price at the time, and the crashes would continue well into 2020.<\/p>\n

Related Reading: Base TVL Surges 900% In 2 Weeks, What\u2019s Driving The Growth?<\/a><\/div>\n

Given the tendency of the Bitcoin price to follow previous trends, investors are understandably expecting a repeat of this trend. But pseudonymous crypto analyst \u201cTony The Bull<\/a>\u201d took to X (formerly Twitter) to use the \u2018recency bias\u2019 to explain why this may not happen.<\/p>\n

In the post, the crypto analyst used an analogy of a town that had not had a flood before, suddenly experiencing a flash storm rainstorm. Given that it had not happened before, businesses were caught unaware without flood insurance. However, going forward, the businesses begin to expect another flood and as such, they get flood insurance.<\/p>\n

The analyst explained that even though measures would be put in place to decrease the chances of such as flood happening again, people continued to operate with the knowledge of the impact of the flood. \u201cIt is the brain\u2019s way to going with the most easily accessible information, which is the one that has most recently impacted you in a significant way,\u201d the analyst said. \u201cThis is what\u2019s called recency bias.\u201d<\/p>\n

\"Bitcoin<\/p>\n

BTC movement over the last five years | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
This recency bias, when applied to Bitcoin, shows investors are expecting a repeat of 2019-2020 because it is the most recent bear market. Hence, investors are operating with the knowledge of the most recent impactful event.<\/p>\n
\u201cBut much like the flood never happened before, we had a once in a lifetime pandemic. The probability<\/a> is rather low we\u2019ll see the same price action as 2019 and 2020,\u201d Tony The Bull explains.<\/p>\n
BTC Price Sticking To Previous Trends?<\/h2>\n
The analyst\u2019s position is backed up by the fact that the Bitcoin price has continuously deviated from historical trends during this cycle. One example is that while the digital asset\u2019s price did fall to around 70% below its $69,000 all-time high, it recovered to almost 50% below its ATH<\/a>.<\/p>\n
Related Reading: Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover?<\/a><\/div>\n
However, a similar trend was recorded in 2019 when BTC\u2019s price recovered above $11,000 toward the middle of the year. But by the end of the year, had lost about half of those gains. With the rest of the gains being wiped out in early 2020.<\/p>\n
If BTC does end up following the previously established trend though, then the digital asset\u2019s price could fall as low as $12,000 before the next bull run begins. However, it is now a waiting game to see what ends up happening.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price has mostly maintained the $29,000 level for the better part of the week. This points to low activity and momentum in the market, as well as a reluctance to engage in the digital asset at this point. One reason for this reluctance is the expectation that the Bitcoin price will see another crash before the bull market resumes. However, this crypto analyst explains why expectations may be dashed this time around. Bitcoin Price May Not See A Repeat Of 2019-2020 Before the 2020-2021 bull market kicked in, the Bitcoin price had seen a rollercoaster year. Mostly, the bear market had ravaged the digital asset causing it to fall more than 80% below its all-time high price at the time, and the crashes would continue well into 2020. Related Reading: Base TVL Surges 900% In 2 Weeks, What\u2019s Driving The Growth? Given the tendency of the Bitcoin price to follow previous trends, investors are understandably expecting a repeat of this trend. But pseudonymous crypto analyst \u201cTony The Bull\u201d took to X (formerly Twitter) to use the \u2018recency bias\u2019 to explain why this may not happen. In the post, the crypto analyst used an analogy of a town that had not had a flood before, suddenly experiencing a flash storm rainstorm. Given that it had not happened before, businesses were caught unaware without flood insurance. However, going forward, the businesses begin to expect another flood and as such, they get flood insurance. The analyst explained that even though measures would be put in place to decrease the chances of such as flood happening again, people continued to operate with the knowledge of the impact of the flood. \u201cIt is the brain\u2019s way to going with the most easily accessible information, which is the one that has most recently impacted you in a significant way,\u201d the analyst said. \u201cThis is what\u2019s called recency bias.\u201d BTC movement over the last five years | Source: BTCUSD on Tradingview.com This recency bias, when applied to Bitcoin, shows investors are expecting a repeat of 2019-2020 because it is the most recent bear market. Hence, investors are operating with the knowledge of the most recent impactful event. \u201cBut much like the flood never happened before, we had a once in a lifetime pandemic. The probability is rather low we\u2019ll see the same price action as 2019 and 2020,\u201d Tony The Bull explains. BTC Price Sticking To Previous Trends? The analyst\u2019s position is backed up by the fact that the Bitcoin price has continuously deviated from historical trends during this cycle. One example is that while the digital asset\u2019s price did fall to around 70% below its $69,000 all-time high, it recovered to almost 50% below its ATH. Related Reading: Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover? However, a similar trend was recorded in 2019 when BTC\u2019s price recovered above $11,000 toward the middle of the year. But by the end of the year, had lost about half of those gains. With the rest of the gains being wiped out in early 2020. If BTC does end up following the previously established trend though, then the digital asset\u2019s price could fall as low as $12,000 before the next bull run begins. However, it is now a waiting game to see what ends up happening. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":547377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1144,78790],"class_list":["post-547375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nWill Bitcoin Price Crash Similarly To 2019 And 2020?<\/title>\n<meta name=\"description\" content=\"Bitcoin price has mostly maintained the $29,000 level for the better part of the week. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will Bitcoin Price Crash Similarly To 2019 And 2020?","url":"http:\/\/wncen.com\/news\/will-bitcoin-price-crash-similarly-to-2019-and-2020\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/will-bitcoin-price-crash-similarly-to-2019-and-2020\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1182811569.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1182811569.jpg?fit=2561%2C1171"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2023-08-15T23:00:52Z","datePublished":"2023-08-15T23:00:52Z","dateModified":"2024-06-11T12:30:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Will Bitcoin Price Crash Similarly To 2019 And 2020?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/will-bitcoin-price-crash-similarly-to-2019-and-2020\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/will-bitcoin-price-crash-similarly-to-2019-and-2020\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1182811569.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1182811569.jpg?fit=2561%2C1171\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-08-15T23:00:52Z\",\"datePublished\":\"2023-08-15T23:00:52Z\",\"dateModified\":\"2024-06-11T12:30:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1182811569.jpg?fit=2561%2C1171","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547375"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=547375"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/547377"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=547375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=547375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=547375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}