Quote from: mk4 on November 13, 2020, 03:11:44 PM

Well, bitcoin's recent rise to $16k wasn't like 2017-levels of fast, but it still wasn't slow either. As for what brought as to these highs without the mass hype, I'm guessing that it's actually institutional investors(though I don't have anything to back this up). It's the only thing I can make sense of besides old bitcoiners buying more bitcoin.

As far as the speed of the rise goes, it reminds me more of 2016 than 2017.

Like 2016, accumulators (including institutions, public companies I'm sure) absorbed all the supply in the previous bear market range, in early-mid 2020. Now, the price has been marked up into a new range. It's a very clear bull market, but not yet a bubble.

Now, it could play out differently this time and just go parabolic to new ATHs from here. Alternatively, we could be in a place more like June 2016, with significant consolidation to come before making that move.

Sentiment currently feels very greedy and exuberant, which gives me pause. Early 2017 was more so characterized by disbelief. People very much seem to expect another bubble (and soon) which makes me concerned than a major shakeout and consolidation may be coming sooner than later.