Bitcoin to Mimic 2018 Bear Market? Popular Analyst Explains

Paigambar Mohan Raj
Source: TIME

Altcoin Sherpa, who is a popular crypto analyst and trader among the crypto community on Twitter, has told his followers that this year might end up being a repetition of 2018, with a few improvements in infrastructure, and a wider more mature market, while predicting a path for Bitcoin (BTC), the original cryptocurrency.

Bitcoin (BTC) took 336 days in 2018 to reach a bottom after achieving the 2017 high, according to Altcoin Sherpa, while altcoins took longer. According to the crypto analyst and trader, it has been 189 days since Bitcoin set its all-time high in November 2021, which is almost half the time it took for the flagship cryptocurrency to bottom out during the 2018 bear market.

Source: Altcoin Sherpa, Twitter

Bitcoin might increase by almost 15% from present levels before falling, according to the anonymous crypto analyst.

He goes on to say that this does not mean that 90% of traders and investors won’t be wiped out. He says we certainly will. However, he does predict a new cycle will begin once everyone has been cleared off, thus making the way for people to resume their “Ponzi games”.

Bitcoin has been flirting around in the $30k mark as of now. Peter Schiff, the veteran trader, and Bitcoin opponent has said that this is a prime example of a bear trap. He believes that the current situation is trying to lure in new buyers before the price drops again. Although he did say that he was “surprised” with BTC’s ability to retain the $30k mark.

At press time, Bitcoin (BTC) was trading at $30,331.22, up by 4.3% in the last 24 hours, and up by 3.8% over the last 7 days. However, the original cryptocurrency is still 27.2% down on the monthly charts, and 56.2% down from its all-time high of $69,044.77, which it attained in November of 2021.