Currently, bitcoin (BTC) is trading for around $19,200, down from $19,500 a few hours earlier. Lately, the flagship crypto has seen slight declines and rises, but still around $19,000. For many strategists, this lack of volatility does not bode well for the upcoming market trend.
A scenario similar to that of the 2018 collapse?
Recently, crypto analyst Rager has published on Twitter his impressions of the current state of the bitcoin market. He indicated that there are less and less demand for BTC, even though the crypto still manages to trade around $19,000. According to him, the current state of the Bitcoin market is similar to what was seen in 2018 before the crypto collapse. Remember that that year, the BTC had dropped from $6,000 to $3,000 about.
Rager added that BTC holders sell more when the crypto attempts to break above the $19,000 mark. He asserted: “I’ve never been a fan of the bouncy ball pattern with rallies. It never ends well“. “Here’s hoping the stock market can pull bitcoin higher. Otherwise, well, you know“, he added.
The well-known crypto strategist suggested that bitcoin’s lack of volatility portends a sharp bearish move. “[…] The last few weeks remind me of September 2018, just before the market turned violent and nuclear“, he precisely declared.
Towards a fall to 14,000 dollars?
Another cryptocurrency analyst, called Capo, thinks the current bitcoin (BTC) market structure resembles that of the 2018 bear market. Capo said the flagship crypto’s $19,000 support will eventually give way. Nevertheless, the analyst does not expect a 50% devaluation as it happened in 2018.
“There are a lot of people flaunting this 2018 fractal these days. However, they believe that the price should continue to make lower highs and then devalue by 50% like in 2018, and they ignore the fact that fractals indicate a major direction, but not short-term price action or a breaking percentage“, he concluded.
Some believe BTC will experience a 50% devaluation from its $19,000 support. But, for other analysts, digital gold will not fall below $10,000. It will only go down to $14,000.
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