Crypto Strategist Warns Bitcoin Holders That BTC Giving Vibes of 2018 Bear Market Collapse

Crypto Strategist Warns Bitcoin Holders That BTC Giving Vibes of 2018 Bear Market Collapse.

Rager, a pseudonymous crypto strategist, warns Bitcoin (BTC) holders that the king crypto’s recent price movement resembles the period before its collapse in 2018.

The Demand Area Shows Sign of Exhaustion

In a tweet to his 204,300 Twitter followers, he reports that although Bitcoin continues to hold support around $19,000, the demand area is showing signs of exhaustion. Bitcoin is being sold out in force each time it rises above $19,000, the crypto analyst said.

“Never a fan of the bouncing ball pattern with rallies. It never ends well. Hoping that the stock market can pull Bitcoin back up. Otherwise, well, you know,” he said on his Twitter. 

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A lack of volatility in Bitcoin is also causing Rager to recall the weeks before Bitcoin went from $6,000 to $3,000 in 2018.

“BTC weekly closed with a candle body less than $200 range. Bitcoin moving sideways and compressing = boring. [The] last few weeks reminds me of September 2018 right before the market went violent and nuked. Chart below of 2018,” he explained.

Current Bitcoin’s Price Action

Crypto analyst Capo has a similar view. According to the trader who correctly predicted BTC’s crash this year, Bitcoin is mirroring its market structure during the height of the bear market in 2018.

The analyst does not believe that Bitcoin will again suffer a 50% devaluation like it did in 2018, but does think support at $19,000 will eventually give out.

“There are a lot of people posting this 2018 fractal these days. However, they think price should keep making lower highs and then dump 50% like in 2018, and they are ignoring the fact that fractals indicate major direction, but not low timeframe price action nor [breakdown] percentage,” he said

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Capo also further explained, “Those are determined by the current price action. What the fractal shows is the pattern, a descending triangle after a downtrend = bearish. But if you follow fractals blindly you will end up getting shaken out because as mentioned before, they don’t play out exactly the same.”

At the time of writing, Bitcoin is valued for  $19,345.

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Jamilatul Mahmudah

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