I can explain this from an elliott wave standpoint. The first spike, then going down to nearly zero again is almost always considered and ABC correction, forcing the the first early adopters to flee from this market in fear of loosing everything. Then the price stays low for months or even years so they will eventually say Fu.ck it and sell their position low, only to see the real bullish wave to develop shortly after that.

This a very common structure even in stocks. After the first ABC correction the longterm bullish count starts to develop. Hope this helps....

If you compare with other cryptos you will find it hundreds of times...

If you want to know more about the recent BTC wave count visit my blog. I will not advertise it here with a link.

Stay awesome ;-)