Top Crypto Strategist Issues Bitcoin Warning, Says BTC Blinking Vibes From 2018 Bear Market Collapse
A closely watched crypto strategist is warning Bitcoin (BTC) holders, saying the crypto king’s recent price action is reminiscent of the time before the 2018 collapse.
Pseudonymous analyst Rager tells his 204,300 Twitter followers that while Bitcoin continues to support around $19,000, the demand area is now starting to show signs of exhaustion.
According to the crypto analyst, sellers have been out in force every time Bitcoin attempts to rally above $19,000.
“Never a fan of the bounce ball pattern with rallies. It never ends well.
Hoping that the stock market can pull Bitcoin back up. Otherwise, well, you know.”
Rager also notes the lack of volatility in Bitcoin, which he says reminds him of what happened in the weeks leading up to the meltdown of BTC from $6,000 to around $3,000 in 2018.
“BTC weekly close with a candle body of less than $200 in range. Bitcoin moving sideways and compressing = boring. [The] the last few weeks remind me of September 2018 right before the market turned violent and nuclear. Figure below for 2018.”
Fellow cryptanalyst Capo also has a similar sentiment. According to the trader who nailed BTC’s crash this year, Bitcoin’s current price action mirrors the market structure during the height of the 2018 bear market.
Although Capo believes that $19,000 support will eventually give way, he does not see Bitcoin suffering another 50% devaluation just like in 2018.
“There are many people posting this 2018 fractal these days. However, they believe that the price should continue to make lower highs and then dump 50% like in 2018, and they ignore the fact that fractals indicate important direction, but not low time frame price action or [breakdown] percentage.”
According to the analyst, BTC is likely to rise to $21,000 first before breaking the $19,000 support and bottoming out at $14,000.
At the time of writing, Bitcoin is changing hands at $19,542, up nearly 2% on the day.
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Featured image: Shutterstock/Lumitar
