Bitcoin had such a terrible year in 2018. Bitcoin’s price was $13,901 on January 1, according to CoinMarketCap, but it rapidly fell throughout the period of the season. Coincheck, a Japanese bitcoin exchange platform, was hacked during a similar period, and by February, the price of Bitcoin had dropped to $6,287.
During the spring and early summer, the price fluctuated, but the ceiling fell to new lows, making it impossible for Bitcoin to break through $10,000 by mid-year.
According to a well-known trader and expert, the crypto market might follow in the footsteps of 2018.
Altcoin Sherpa, an anonymous trader, advises his 175,700 Twitter followers that this year “could very well” replicate 2018, with a few improvements in technology and virtual currency variation.
“2022 could very well look like 2018 given the amount of time we could chop around for. I do think that the market is more mature these days than before, though. Overall market structure for trading is better + dexes [decentralized exchanges] + NFTs [non-fungible tokens] + gaming + new usable chains.”
Bitcoin (BTC) lasted 336 days during 2018 to reach a bottom following hitting the 2017 high, according to Altcoin Sherpa, while alternatives took a long time.
According to the crypto researcher and analysts, it has been 189 days since Bitcoin set its all-time high in November 2021, which is almost half the duration taken for the main cryptocurrency to bottom out throughout the 2018 market crash.
Bitcoin might increase by almost 15% from present levels before falling, according to the mysterious crypto analyst.
“Something like this would make sense for me; more people getting bullish on the bearish retest of $35,000 – $40,000 and then price nuking lower.”
At the time of writing, Bitcoin was trading at $29,504.