Bitcoin’s perceived value exceeded the Crypto Bubble Mania peak

It has been an interesting and confusing year for the price of Bitcoin, with the crypto asset bottoming out at $ 3,100 at levels of fear and extreme panic, then in just a few months it grew 350% and once again caused talk of shooting at the Luna and Lambos throughout the market.

In fact, during the most recent “echo bubble” as it is called, the perceived value of Bitcoin exceeded that of the maximum cryptocurrency bubble mania of 2017. However, the price did not reach a new high along with the high perception of the price, and an analyst says that the data point looks “bad” for Bitcoin, and says that the prices of $ 2020 in the year 2020 are not so “crazy.”

Bitcoin’s perceived price value reaches encryption bubble levels

After a stellar year for Bitcoin, which brings investors who bought in the fund with more than 350% in profits from minimum to maximum, the crypto market has become bearish again. After the peak of the 2019 parabolic rally in June, the market has slowly returned to a state of fear, panic and despair.

But it was recently that Bitcoin was trading above $ 10,000 and talking about wealth and the BTC of $ 1 million once again. It was as if cryptocurrency investors suddenly forgot about a full year of the bear market and all the pain it caused.

Irrational exuberance can be seen through the Sentix Strategic Bias index, which assigns a score that measures the value of the perceived price of Bitcoin. The metric exceeds the exaggeration and bias surrounding the peak of the crypto bubble of 2017, however, the price failed to set a new high.

The analyst who first drew attention to this “bad” aspect metric says that for “the perception of value that exceeds previous levels and the price falls short,” he says “that the selling pressure was so high” and states that that crypt “addicted to hopium” investors “provided liquidity” for the boomers to unload their bags at much higher prices.

Because the price perception greatly exceeded the real price in 2019, the analyst says that seeing prices of $ 2020 per BTC in the new year would not be “crazy.”

Calls to new lows at the recent top would be called “crazy”, not so “crazy”

Given how lush cryptocurrency investors were at Bitcoin’s most recent peak, any $ 2,000 Bitcoin price conversation would have faced a lot of confrontation, calling such claims “crazy”, especially considering how quickly the first Crypto asset has since risen to $ 3,100.

Now, that fear has returned to the market, and Bitcoin is trading at prices around the $ 6,000 range of those already broken down once, thinking that the fund has not arrived and Bitcoin could reach prices of around $ 2020 in 2020 It doesn’t sound so crazy once again.

Reference: newsbtc.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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