Bitcoin bull Tuur Demeester claims we’re in the throes of a bitcoin bull market and that the bitcoin price will explode the same way Amazon stock did. | Source: Shutterstock
Bitcoin investor Tuur Demeester says despite the recent dip in crypto prices, we’re not in a bear market. Rather, he insists this is a “post ICO-bubble bitcoin bull market.”
The ICO bubble occurred during the 2017 crypto bull market, when the bitcoin price approached $20,000. BTC has since struggled to replicate those highs.
Trader: We’re in a bitcoin bull market
Demeester suggested on Twitter that bitcoin will eventually rocket the same way Amazon stock did. Accordingly, he considers bitcoin “a screaming buy,” notwithstanding its recent dip.
Demeester posted a chart showing Amazon stock’s erratic fluctuations from 1997 to 2009. In its volatility, AMZN during that time frame mirrored bitcoin’s current instability.
Presumably, Demeester is suggesting that like Amazon, bitcoin will weather a series of roller-coaster swings before exploding. Is he correct? Who knows?
That said, most in the crypto industry does not think we’re in a bear market at the moment.
While bitcoin has plunged about 13% during the past four weeks, it’s still up dramatically since Jan. 1, when BTC hovered at $3,880.
Today, bitcoin is trading at roughly $10,400. That’s a 168% spike year-to-date. That’s hardly a bear market.
It’ll take years before bitcoin is considered another Amazon
Basically, Tuur Demeester claims that bitcoin right now is where Amazon was in 2003. “And just like AMZN, BTC today is a screaming buy,”