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Bitcoin Has Yet to Bottom Compared to the 2018 Bear Market: Analysis

                                                            In den letzten 14 Tagen verlor der Preis von Bitcoin über 30 % seines Wertes.  Darüber hinaus stürzte die Cryptowährung unter 20.000 $ – das bisherige Allzeithoch, das im Zyklus 2017 erreicht wurde.

This marks the first time in cryptocurrency history that it has fallen below an all-time high set during a previous bull cycle. The massive declines, ongoing selling pressure, and overwhelmingly negative market sentiment led many to believe that BTC has bottomed out.

However, a popular trader pulled out historical analysis that suggests the worst may not yet be over.

  • Popular cryptocurrency trader and analyst il Capo from Crypto took it to Twitter to compare the current declines and those in 2018.

The $30,000 support was very similar to the $6,000 support in 2018. When it broke, the surrender phase began, but if we compare both we can clearly see that it is not over yet.

The subsidy rates also confirm this.
Bitcoin Has Yet to Bottom Compared to the 2018 Bear Market: Analysis, Crypto Trading News Twitter

  • The chart above shows a hidden bearish divergence.
  • This is a popular technical pattern that occurs when price is making a lower high while the oscillator is making a higher high. It typically occurs during downtrends and suggests that prices will shoot lower if the downtrend continues.
  • At the same time, the cryptocurrency’s fear and greed index has surged to 11 points over the past few days after the slight recovery that saw BTC reclaim $20,000 after crashing below it.
  • This is still Extreme Fear territory, though.

Source: Crypto News Deutsch

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