The Bear used to be a Bull
I started my crypto journey in 2017, and at that time, the crypto market was pleasantly hit by one of the most exciting bull markets I've ever experienced. Perhaps it was because it was the first time I was experiencing a Bull market but the excitement in the air was beyond palpable.
Back then, I was a part of Steem community, blogging my way into the crypto universe and Nigeria was a lot more crypto-friendly. Things are much different than they were back then in Nigeria and in some way, things are also different in the crypto market.
Today, the price of Bitcoin is hovering in the 19-20K range with extreme levels of fear and generally fussish tendencies emanating from the mainstream media.
In 2017, the price of Bitcoin was hovering between the 19-20k range with extreme levels of greed and general bullishness in the atmosphere. The mainstream media were waxing lyrical about the price and people were getting rich.
In the space of a bit less than 5 years, what was once considered bullish has become bearish. It kind of makes you wonder when this bull/bear cycle will strike again and what will be considered bearish in the future.
The bad times
In the 4+ years, I've spent in the crypto industry, I've done a bit of research into the market's mentality. In its unpredictable nature, there are obvious trends that will not be buckling anytime soon.
The perception of bull market comes with new shitcoin scammy projects springing up to catch uninformed plebs. This pales in comparison to the bear market that seems like a natural cleansing mechanism for the market.
In a bear market, only real projects with real utility and value survive. Everything else gets pushed to the back burner. Unfortunately(or fortunately), when the bull market comes around, value moves from actual products to a few of the surviving useless projects in existence.
I believe that the crypto bull/bear cycle will persist for a long time and it will continue to sanitise the crypto market. It will take a while but with each cycle, the market becomes wiser, and each claimed victim, despite all the billions lost, is also necessary to ensure that only solid projects survive.
The good times
In bull markets, there's a lot of money pumped into the system and a lot of it is dumb money. People take gains from valuable assets, pump dumb ass tokens, plebs latch onto the shitcoin pump and eventually keep pushing up the ceiling.
At the same time, in a bull market, projects that persist through the bearish times often come out stronger. It is from these projects' investors that industry builders come through.
In summary
if you get too caught up in the euphoria of today, you will miss out on the bigger picture. In reality, the market is actually moving in a predictable pattern.
At the peak of every Bull market, Bitcoin sets a new higher high and at the worst of every bear market, Bitcoin drops to a range closer to the previous High. In 2017, the current price of Bitcoin was bullish, now it's bearish.
In 2025, don't be surprised if $69k is the new bearish price. I can't predict the top but solely based on the charts for the past two bull/bear cycles, we're on course to experience another "crippling" bear market with Bitcoin trading at over $60k.
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Twitter: https://twitter.com/belemo__
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