2018’s #Bitcoin (#BTC) Chart Mirrors Last Bear Market: ‘Bulls May Awaken’
Analysis completed by Fundstrat technician Rob Sluymer, which was subsequently relayed through MarketWatch’s Aaron Hankin, indicates that the current Bitcoin (BTC) price chart entirely mirrors that seen in late-2014 and early-2015, this market’s last dismal bear market.
For those who aren’t in the loop, during late-2014 and early-2015, BTC saw a sharp sell-off after hitting quadruple-digits in late-2013 in an industry first. This infamous historic bear market, which was only exacerbated by the world-renowned $440 million Mt.Gox hack and subsequent fallout, saw altcoins, such as the now-near-deceased Feathercoin, lose 90%+ of their value, while BTC held relatively strong. Still, the fact of the matter is during that period, which lasted for upwards of one year, BTC fell by 84%. And interestingly, while 2018’s bear era hasn’t lasted as long, Sluymer of Fundstrat Global Advisors, a Bitcoin-friendly, New York-based market research firm, recently drew lines between current and historical price levels. More specifically, as depicted in the chart below, 2018’s and 2014/2015’s BTC decline didn’t only amount to ~85%, but just as BTC fell by 43% in the first two weeks of 2015, the asset fell by 45% from November 11th to the 25th. So, taking into account that in 2015, BTC saw a sharp drawdown before undergoing a monumental recovery, some believe that the short-term future is bright for the cryptocurrency market at large. As many like to say, “markets rhyme not repeat.”
Bitcoin (BTC) is up 3.04% over the past 24 hours and is currently trading at $4,167.10 on Coinbase. BTC dominance is at 53.5% and the total cryptocurrency market cap is currently at $135.5 Billion.