Bitcoin This Year Will Have The Same Scenario As 2018?
Altcoin Sherpa, a pseudonymous trader, said on Twitter that this year “could very well” turn out to be a replay of 2018, with a few differences in infrastructure and digital asset diversity.
“2022 could very well look like 2018 given the amount of time we could chop around for. I do think that the market is more mature these days than before, though. Overall market structure for trading is better + dexes [decentralized exchanges] + NFTs [non-fungible tokens] + gaming + new usable chains,” he stated.
Bitcoin took 336 days in 2018 to drop bottom after reaching its 2017 peak, according to Altcoin Sherpa, while altcoins took longer.
According to the crypto trader, it has been 189 days since Bitcoin set its all-time high in November 2021, which is almost half the time it took for the leading cryptocurrency to bottom out during the 2018 bear market.
“BTC: One thing that sucked about 2018 was the amount of time it took to drawdown; we’re about halfway there right now. If you count altcoin/BTC pairs, it was even longer. 2019 was shit for many of those (alt/BTC pairs were more popular back then).”
According to the crypto analyst, Bitcoin might rise by almost 15% from present levels before collapsing.
“Something like this would make sense for me; more people getting bullish on the bearish retest of $35,000 – $40,000 and then price nuking lower.”
According to CoinCu data, Bitcoin has recently traded around $30,000 level.
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