People were being too optimistic about the chances of bitcoin of reaching a new all time high when nothing of particular importance was announced at the time, so the movement that began on the first quarter of this year was mostly inspired by the incredibly low price of bitcoin and nothing more, but once the value of bitcoin reached 5 figures the demand dropped and the price decreased once again.

I really believe that 5k is the lowest the price could go this time around but it will not be a fast process, it will probably take at least a few months to see that price, but if the demand begins to increase due to the halving then the lowest price we could see could be closer to 6k or 7k.