Finally, after much speculation, imagination and drama, Bitcoin has been officially approved. At the moment the Bitcoin market is hovering around $47335. We will see Bitcoin price close to $50,000 very soon. The news of Bitcoin ETF approval is really good. How do you feel about your opinion?

Bitcoin’s recent high was at $41,962. It is as I write $31,265, which is a fall of more than 25%. A 25% fall is, at least in stocks and shares, considered a crash.
Here is the chart:
For me this is a very bearish chart, almost supernaturally similar to the boom bubble of 2017:
When I predicted this fantastic rally back in 2020, I used the 2017 rally as a guide and have done so for the bulk of the way up. I sold at $32,000 because as an equity guy I am reminded that bears get fed, bulls get fed but pigs get slaughtered. I’ll be honest, my sell limit was $38,000 but I couldn’t bear to hang tough for that extra profit. As JPMorgan said, “I’ve made a fortune getting out too soon.”
The question now: is this another short pause or a continued replay of 2017? I believe it is the latter but if it isn’t then here is what would most likely happen:
Let me be clear, I think this is highly UNLIKELY.
Forgive my dodgy chart cut and pasting, but this is what I see as more likely:
Now I’m not predicting every twist and turn with this, just the general thrust of what might happen on the backside of this boom. Again it’s simple, a replay of 2017/2018. and as it played out that way on the road up it is highly likely to do so on the way down.

Why would that be? Simply because the same forces are at play: fear of missing out (FOMO), halvening and increased adoption. Until new drivers enter the picture this boom bubble bust cycle will play out over and over again just as similar cycles have played out in tech since the eighteenth century.
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If nothing else, 2020 was the year of DeFi. One of the biggest trends of the year, undoubtedly, was liquidity mining. To keep it simple, liquidity mining is essentially where users supply their own assets as liquidity to a protocol in exchange for a protocol’s governance token. Over time, due to lots of interest, this governance token increases in value, often generating immense returns for liquidity-supplying users and incentivizing them to keep supporting the DeFi protocol. This year governance tokens for Compound, Balancer, Yearn.Finance and many more launched and exploded in value. Further, the value generated for these platforms’ liquidity suppliers was around 100%-200% APR.
In January, a grand total of $1 billion was locked into DeFi platforms collectively. In August, it peaked at US$15 billion. Interestingly, MakerDAO continues to be the platform with the most value locked in, though that first-place position was usurped several times over the year by Compound and other platforms. Users are beginning to reap the benefits of a decentralized, community-owned financial system. We’ll likely see this excitement and rapid growth continue through 2021.
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