Bitcoin has been the talk of the crypto market for the past several days amid the recent crypto crash. Every trader and investor is aware of what happened, how it happened, and the critical factors that got this whole thing rolling. China is banning the miners and crypto exchanges and Elon Musk jumping off the Bitcoin ship for good due to its being a hazard to the environment. The mining practices of Bitcoin still use fossil fuels for the sake of energy, and that is not a lot of environment-friendly attitudes; that is why Elon Musk called quits on Bitcoin, and he doesn’t plan on returning until Bitcoin has got its act straight.
Bitcoin might Repeat the Whole Journey from 2017 to the Present Once Again
The dominance of Bitcoin is in the plummet, and it has been falling all the way from 70% to 40% by the time the recent crash was about to set in. But after the crash, it has recovered back to 43%, which is not that great but still something to go about for as traders and crypto enthusiasts are getting back in the game, and the crypto market seems to have come out of its slump.
The same pattern could be seen in the 2017’s crypto crash, and at that time, too, China was getting all serious and strict for the miner’s community along with the crypto exchanges, and a crash then hit the market hard. It was the Bitcoin that shook the most, and it lost half of its value.
Analyzing the numbers and looking at the pattern charts, it can be seen that something similar is in the works as Bitcoin is once again repeating history as the 2017’s crash. So, does it mean that Bitcoin is going to get on with the same roadmap as it was traveling on since the 2017 crash?
Would it also double in its previous all-time value as it did after the 2017 crash, or is all of this evidence is still too premature? Well, nothing could be said about that for sure, but it is certain that Bitcoin is on the same trajectory as it was after the 2017 crash, possibly enough to recover all of its lost value in due time.