Why The Current State Of The Market Is Different From That Of 2018…
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The leading Cryptocurrency has had an exciting few weeks. In fact, the last 14 days has seen the prices fluctuate from numerous different key resistance levels. Over the past week though in particular, bitcoin has been in a continuous downtrend and at the start of the week lost 5% in just 24 hours. Because of this, many people within the crypto space are worried about the future with one analyst believing that this is a different situation to that of 2018, which saw cryptocurrency go through an extremely prolonged bear period.
According to Rekt Capital, the bear market of 2018 was downward. This may seem obvious to a lot of you but there is a difference to what the current situation is.
In the current market, this is only a pullback in an upward trend, according to Rekt Capital.
“This #Bitcoin retrace is going to be much different compared to the 2018 retraces. In the bear market, $BTC was in a macro downtrend with relief rallies on the way to new yearly lows. In this bull market, BTC is in an overall uptrend with small pullbacks on the way to new highs”
It’s hard to predict where the bitcoin market will go in the future. The past few weeks have been hectic as we entered September and many traders and investors are worried about the future with others being optimistic about what will come next and the coming weeks/months bitcoin will endure.
As reported by ZyCrypto:
“The $10,000 psychological point is a key line for Bitcoin in both bear and bull markets. Though Bitcoin was below this level for a while, it crossed the level on its way up in July. Since then, it has flown above $12,000 but has mostly been just under until 24 hours ago when the price started a rapid downward trend.”