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Top Crypto Strategist Issues Bitcoin Warning, Says BTC Flashing Vibes of 2018 Bear Market Collapse

A carefully adopted crypto strategist is warning Bitcoin (BTC) holders, saying the king crypto’s latest value motion is paying homage to the time that preceded its collapse in 2018.

Pseudonymous analyst Rager tells his 204,300 Twitter followers that whereas Bitcoin continues to carry assist round $19,000, the demand space is now beginning to present indicators of exhaustion.

In response to the crypto analyst, sellers have been out in pressure each time Bitcoin makes an attempt to rally above $19,000.

“By no means a fan of the bouncing ball sample with rallies. It by no means ends properly.

Hoping that the inventory market can pull Bitcoin again up. In any other case, properly, .”

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Supply: Rager/Twitter

Rager can be noticing the shortage of volatility in Bitcoin, which he says reminds him of what occurred within the weeks main as much as the meltdown of BTC from $6,000 to round $3,000 in 2018.

“BTC weekly closed with a candle physique lower than $200 vary. Bitcoin transferring sideways and compressing = boring. [The] previous couple of weeks jogs my memory of September 2018 proper earlier than the market went violent and nuked. Chart under of 2018.” 

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Supply: Rager/Twitter

Fellow crypto analyst Capo additionally has the same sentiment. In response to the dealer who nailed BTC’s crash this yr, Bitcoin’s present value motion is mirroring its market construction through the peak of the 2018 bear market.

Though Capo believes that assist at $19,000 will finally give out, he doesn’t see Bitcoin struggling one other 50% devaluation identical to it did in 2018.

“There are lots of people posting this 2018 fractal nowadays. Nonetheless, they suppose value ought to preserve making decrease highs after which dump 50% like in 2018, and they’re ignoring the truth that fractals point out main course, however not low timeframe value motion nor [breakdown] share.” 

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Supply: Capo/Twitter

In response to the analyst, BTC will doubtless rally to $21,000 first earlier than breaching assist at $19,000 and bottoming out at $14,000.

At time of writing, Bitcoin is swapping fingers for $19,542, up almost 2% on the day.

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Disclaimer: Opinions expressed at The Each day Hodl usually are not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses you could incur are your accountability. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in affiliate marketing online.

Featured Picture: Shutterstock/Lumitar



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