The crypto market is in turmoil -Compared with the boom at the beginning of the year, this is a major change. One of the most important people responsible for the excitement of the first quarter is Elon Musk, who calls himself the father of the dog. His sudden love affair with Bitcoin and other crypto assets caused valuations to skyrocket, and once he changed his attitude, the trend changed with it.

Now, the lead singer of Tesla and Space X has also appeared on the cover of Time magazine and has become the elusive figure of the year. But this may herald the end of the cryptocurrency bull market cycle—or it may be over.

“Time” magazine selects Elon Musk as Person of the Year

Bitcoin and cryptocurrencies have been compared to Various bubbles, From the tulip mania to the Internet boom.

Although it can be said that, just like the technology stocks 20 years ago, because of the comeback of encrypted assets, they are not actually in a bubble at all, but according to Elon’s unfortunate timing, a more dramatic “pop” may be coming on the cover of Musk Time magazine. .

Related Reading | Bitcoin “speculation chart” hints that cryptocurrency is about to explode

“Time” magazine selected Musk as the 2021 man of the year. In the past, this name has been awarded to celebrities such as Kamala Harris, Mark Zuckerberg, Barack Obama and Jeff Bezos.

In fact, it is Amazon CEO Coincidentally, this may be a sign that the peak of the encryption cycle is approaching.

The Jeff Bezos cover was the dot com bubble peak, what about Elon?  | Source: TOTAL on TradingView.com

The Internet bubble: a prelude to the peak of the encryption cycle

As early as December 1999, Amazon founder Jeff Bezos was selected as Time Magazine’s Person of the Year. Three months later, in March 2000, The dot-com bubble burst.

Comparing the famous internet-focused stock market bubble with the total market capitalization of cryptocurrencies provides a similar trajectory that may or may not lose momentum.Even if, like the dot Worst fix Bitcoin and other cryptocurrency markets have never been seen before.

Related Reading | Bitcoin bottom signal from the bear market, Black Thursday can save the bull market

But this is only when the peak has not yet arrived. Currently, Bitcoin is continuing its downward trend, with a price of approximately $46,000 per coin.The above figure also shows roughly how much ground can be covered if the horizontal plane Indeed established.

Bull markets often end in euphoria, and as the market is in total fear, the sentiment does not match.So-called “Magazine Cover” indicator It has a delay effect because the content is put into production several months before the release date. Does this mean that Musk’s April peak in the headlines is really a thriving peak? Or hasn’t the market fully seen the excitement yet?

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