The Currency analytics
By TCA PR
Potential Repeat of 2014 to 2015 Bear Market
Could Repeated Bear Market Send Bitcoin to New Lows?
During the first week of 2020, the crypt space is already anticipating Bitcoin (BTC) being off to the races to achieve a new all-time high setting.
The entire BTC bulls are rejoicing the downtrend, which was the first crypto has spent during the previous six months.
However, bulls were warned they before fully enjoying the victory, and they have to be beware that bears might be still in control.
If you are aware, BTC is only 11 years young and comes with a little history. So, as the history repeats and markets are cyclical, rallies and corrections might take the same…
However, when it comes to Bitcoin, even a short period of drawdown can already leas to lost ground.
The recent downtrend made people in the crypto market reminisce about the bear market back from 2014 to 2015.
Crypto analyst CryptoHamster tweeted, “I don’t insist. Moreover, I think it is very unlikely to happen. But don’t deny that there is a resemblance.
By comparing the same sort of behavior and pattern against the current bear market of BTC along with the slightly adjusted timescale, the price action follows a similar…
Other than the 2014 to 2015 bear market, Bitcoin also experienced a 2018 bear market.
Based on the previous cycle, BTC started forming the bottom pattern, which is a solid head and shoulders chart formation between June and July in 2018.
Today, BTC came with the recent downtrend once more, which caused its price to rally the same way it did in 2018.
In the case that same sort of price action will follow the last time, the price of BTC might fall back down to lows at $6,000 before it breaks down lower, leading to the 200-week…