Experts Argue Whether Bitcoin’s Past Is Relatable to Today’s Condition
BTC Archive, a Bitcoin insight and commentary platform, expressed their uncertainty on the degree to which Bitcoin‘s history is relevant to the circumstances of the present day. This happened in a conversation on Twitter in the late hours of February 21.
Did that happen while central banks in China and USA were pumping mega-amounts of liquidity?
I just wonder how closely the past holds true in todays conditions.
— Bitcoin Archive (@BTC_Archive) February 21, 2023
The debate occurs due to a statement by Plan B, the inventor of the stock-to-flow model, asking for the rationale, data, charts, and research supporting the notion that Bitcoin’s price would drop to $15.5K.
PlanB states that he seeks to appreciate that point of view and has not seen any of the explanations or facts about the matter. However, it is essential to consider the results of a poll that PlanB carried out. The results revealed that most community members thought Bitcoin had reached its bottom.
To put this into perspective, 64.1% of all voters believed that the bottom has already been reached, while 35.9% believed that the bottom was yet to be achieved.
Benjamin Cowen, the creator of Intothecryptoverse, believes that a price of $15.5K for bitcoin is feasible if the United States enters a recession. Bitcoin, according to Cowen, is comparable to the NASDAQ during the dot-com meltdown, which experienced a plunge of 77% followed by a recovery of 60% to the 50-week simple moving average.
Cowen also said that the previous generation of investors had gone through a similar drop and 60% pump, only to discover that it was not the bottom of the market then.
The largest cryptocurrency pair currently trades at $24,045.85 with a 24-hour trading volume of $33,009,626,557. Bitcoin is down 3.99% in the last 24 hours and has a current market cap of $464,050,238,781, according to Coinmarketcap data.