Bitcoin Crashes to $104K — Is History Repeating Itself Like 2017? Massive Surge Incoming?

Jakarta, Pintu News – Joe Burnett, Director of Market Research at Unchained, stated that the current Bitcoin (BTC) market dynamics are very similar to the conditions during the big surge of 2017.

In his latest market analysis, Burnett highlights the strong similarities between the current Bitcoin cycle and the dramatic bull market of 2017.

According to him, although the 2020-2021 period recorded significant growth, the pace of growth was not as strong as the parabolic surge that occurred in 2017.

Before discussing further, let’s find out how the current Bitcoin price movement is first!

Bitcoin Price Drops 0.79% in 24 Hours

On June 5, 2025, Bitcoin was trading at $104,910, equivalent to approximately IDR 1,708,846,383, reflecting a 0.79% decline over the past 24 hours. During this timeframe, BTC reached a high of IDR 1,728,643,744 and dipped to a low of IDR 1,702,437,883.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $2.08 trillion, with trading volume in the last 24 hours falling 0.70% to $44.19 billion.

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Altcoin Mania Then, Treasury Bitcoin Mania Now

In comparison, from January 2016 to December 2017, the price of Bitcoin jumped by 5,640%, from $350 to $20,089. Meanwhile, the 2020/2021 cycle saw a roughly 8-fold increase, from $6,900 to $68,000.

Burnett mentions that some major obstacles such as China’s Bitcoin mining ban and FTX’s “paper Bitcoin” activities may have hampered the market’s performance in 2021.

Meanwhile, the 2024-2025 season is expected to develop in a different way.

Burnett recalls how in 2017, speculation on altcoins indirectly drove demand for Bitcoin.

At the time, most users had to buy Bitcoin first in order to access altcoins on other exchanges, especially since Coinbase had very few crypto assets available. This created what Burnett calls a “black hole” effect, where speculative capital was sucked into Bitcoin as the main gateway asset.

Today, a similar dynamic is happening, but in a different way – through Bitcoin treasury companies. Companies like Strategy and MetaPlanet raise funds by issuing shares (equity), and then use the funds to buy Bitcoin.

As such, speculative demand for stocks has effectively turned into buying pressure for Bitcoin.

It is worth noting, as previously reported, that 12 companies joined the Bitcoin treasury trend in May.

ETF Inflows and Institutional Demand Add Fuel to the Fire

Another important factor supporting Bitcoin’s bullish outlook is the continued flow of institutional funds through spot Bitcoin ETFs.

These inflows reflect a strong and sustainable source of demand, which when combined with speculative flows into Bitcoin-focused companies, could create the conditions for a vertical spike in the Bitcoin price.

Read also: 5 Altcoins that could potentially rise 10x in the 2025 Crypto Bull Run

Notably, large companies like BlackRock have accumulated more than 600,000 BTC over the past year along with the launch of their ETFs.

Towards Parabolic Movement

Burnett concludes that if the current trend continues and macroeconomic conditions remain relatively favorable, the Bitcoin market is likely approaching the beginning of the next phase of its parabolic rise.

A combination of strong fundamentals, institutional adoption, and speculative interest could recreate a rapid price acceleration – as was the case when Bitcoin surged to $20,000 in late 2017.

On the other hand, there are concerns that the rotation of capital into ETFs and Bitcoin-related investments is delaying the arrival of the altcoin season.

Some analysts argue that altcoins now need a new narrative in order to grow alongside Bitcoin, as the usual rotation pattern may no longer be relevant.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Crypto Basic. Researcher Says This Bitcoin Cycle Feels Like 2017, When BTC Surged Over 5,000%. Accessed on June 5, 2025