Bitcoin bears are showing similar kind of euphoria as of late 2017’s bulls. Could it mean in the coming days or month, the Bitcoin will see the floor or maybe the chances of upward movement?
An analyst with pseudonym Yarr shared a chart on TradingView that shows the similarities between the Bitcoin bulls in 2017 when Bitcoin was at its peak at $20,000 and the ongoing bear market.
“The current price movement is showing a lot of similarities what we have seen in the past back in the time when bulls were euphoric.”
The analyst says with the Bitcoin prices crashed, people are expecting it to move below $3,000 and beyond which is supported by sentimental analysis.
“It’s very common to see extreme emotional behavior at the very top or bottom of the markets. People are either very pessimistic or optimistic and this gives a chance to be a contrarian. It’s very rare to see the price move along with consensus when the sentiments are extreme.”
Also, it has been pointed out that price movement can’t be exactly the same as in the past, though it does provide possible hints for the current price movement.
Just recently, crypto analyst Bitcoin Jack took to Twitter to share that the current inverted chart of Bitcoin price is resembling the 2017’s high. This could mean the broader crypto market could be finally nearing a bottom.
He further shared the “NASDAQ 2000, 2008 and current market reversals as a comparison…” This could mean in the coming months’ Bitcoin might see positive movement.
But Depressing Times Could be Ahead
In another of his Tweet, Jack shared another optimistic view by pointing out the upcoming halving. In the previous bear markets before halving, Bitcoin “bottom was in between 58.7% to 70% towards halving.” Currently, Bitcoin is about 62 percent to its next halving, meaning the leading cryptocurrency could find the long-term floor.
However, according to some analysts, things are expected to go real bad before they get some relief and then upward movement.
A self-proclaimed “Master of Charts” Magic shared a rather depressing view by presenting his “case for six dollars Litecoin, and eleven-hundred dollar Bitcoin. FYI, the same high in January 2017 for Bitcoin was in the 1100 area. Anyway, we could be in for a major fall, before real panic and despair set in.”
For now, a lot of other traders and analysts are also calling out bears ahead with Bitcoin expecting to hit new lows.
At the time of writing Bitcoin has been trading at $3,477 with 0.57 percent gains in the past 24-hours as per the data provided by Coinmarketcap. So, it’s all wait and watch the game for now.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.