Bloomberg: Bitcoin's comeback is reminiscent of 2017's 'bubble frenzy'

Bloomberg published an article today saying that although Bitcoin has been "dead" many times and is considered a bubble, and the world's most famous investor, Buffett, has condemned it as "rat poison" more than once. However, it has made a comeback again, which can't help but remind people of Bitcoin's glory days in 2017. Evangelists will pin their hopes on the upcoming halving event, expecting this to be a new catalyst. According to research by Pantera Capital, historically, Bitcoin has bottomed out 459 days before the halving, gradually recovered with the halving event, and will soar after the halving. The average rebound time after the halving is 446 days-if history repeats itself, Bitcoin may peak around August 2021. Wallets are also accelerating, with an increase of 2% in April, which is the largest monthly increase since at least November last year. In the view of Nicholas Colas of DataTrek Research, there are two possible explanations. He wrote in a recent report that bored speculators are looking for ways to enter cryptocurrencies amid the global lockdown caused by the coronavirus epidemic, and many people are also excited about Bitcoin's halving.