We have seen a massive surge in bitcoin price since we enter into 2021 almost same, trend happen in 2017-2018, only there is a big difference, in a situation today before, I think it was just a pump, but there is a big difference in this year's price rally things that are notable are the following, the influence of Elon musk, Visa considers to enter to cryptocurrency, Paypal decided to open to cryptocurrency, banks, and other institutions open its door to the possibility of using it, suddenly this year pandemic helps cryptocurrency get into the spotlight in the positive note, although there is still negativity being thrown, I think most institution study it and they realize the possibilities and important of blockchain overall.
The support seems stronger this time than it was in 2017, I agree with that. However, I still think the price got pumped too fast, and it's overhyped. For years, there was barely enough support for $10k, and now suddenly a few events occur and Bitcoin is worth four of five times as much? I think it's a huge overreaction of the market, and eventually it will end with at least a 50% decrease of the price. It's not adopted that much in comparison with 2019, and it's not used or widely accepted that significantly. So the price is still largely justified by FOMO, and this can't last forever.