A widely followed analyst and trader says that the crypto market could copy its 2018 playbook.
Pseudonymous trader Altcoin Sherpa tells his 175,700 Twitter followers that this year “could very well” turn out to be a repeat of 2018 with a few differences with regard to infrastructure and diversity of digital assets.
“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.”
According to Altcoin Sherpa, Bitcoin (BTC) took 336 days in 2018 to hit a bottom after reaching a 2017 high, while altcoins took longer.
The crypto analyst and trader says that since Bitcoin hit the all-time high in November of 2021, roughly 189 days have passed, or about half the time it took for the flagship cryptocurrency to bottom out during the 2018 bear season.
“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).”
The pseudonymous crypto analyst says Bitcoin could appreciate by over 15% from current levels before crashing.
“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.”
Bitcoin is trading for $29,504 at time of writing.
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Source: https://dailyhodl.com/2022/05/20/trader-predicts-crypto-market-will-mimic-2018-bear-season-heres-how-high-bitcoin-could-go-before-nuking-lower/