Why the btc rised so fast to 18k and has never been able to get close to that value again?

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There are many possibilities in this topic. As a trader, I can almost assured you the problem lies between greed and fear. Set aside the fundamental and consensus trading of BTC, trading any financial instrument involved in this economy basics, supply and demand.

When the price hike, meaning supply is low, demand is high. People who hoard the instrument more than letting go.

When the price drop, meaning supply more then demand. People would rather give up the instrument even if they don't earn a lot.

Sorry to have full of crap on the above. Now, BTC is like a new currency like what? 10? 15 years? It has never made a new high, and the history high 19700 was made about 10 months ago? So how is there it never go back again? It was making too many new highs in 2017, and people got too used to breaking record, and the greed keeps on pushing the value as BTC supplies are limited. At one point, about 3000, there's enough fear in the coin market. Say, like half the hodler decided that's it, it should not go any further up. Hence it was stuck at around 2500 and guess what, greed came to play again. From 3000 dropped to 2500 is a great discount. Who doesn't wanna piece of that? Again, greed won. BTC price has been pushing all the way to 19700. Now, put yourself in late investor's shoe. If we purchased BTC at 12,000 , and we're seeing 20,000 is right ahead over a Sunday morning. Looking at the exchange, there's no more bidding price ahead. And there are some large offer at 19500, 19400 people are their coin at lower price. Can we imagine the kind of fear? I will so put my next order and sell my coins at 19300!

OK that's about enough crap. It's greed and fear, supply and demand. At the current state, there's no new investor. People got burnt at 19700, they will so put in their money right now about 6600. Again, if you are in the situation, 6600 become a great discount and on average your entry price become 19700+6600= 26300÷2 = 13,150. The average cost is 13150. What would you do, when price for beyond 13150? Will you hodl all the way and wait to break 20k? I hope this explains why it never goes back again. Some history of BTC available on the internet.

https://en.m.wikipedia.org/wiki/History_of_bitcoin

Deep in my heart, I hope greed will win. Hodl people hodl!

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