Twitter analyst nicknamed Altcoin Sherpa says the crypto market will repeat the bear season of 2018 and predicts how low the Bitcoin price can drop before a rally.
Altcoin Sherpa says Bitcoin price will bottom before it rises
To the popular investor and crypto analyst, the crypto market may follow in the footsteps of 2018. Altcoin Sherpa Twitter analyst tells his 175,700 followers that this year could “very easily” repeat 2018 with a few improvements in infrastructure and cryptocurrency diversification. According to Sherpa:
, 2022 could look very similar to 2018, given the amount of time we have to play. However, I believe the market is more mature now than before. Overall, the trading market structure has improved thanks to DEXs, NFTs, gaming and newly available Blockchains.
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+NFTs+ gaming + new usable chains.
— Altcoin Sherpa (@AltcoinSherpa) May 19, 2022
According to Altcoin Sherpa, Bitcoin (BTC) price will rise in 2018. It took 336 days to reach the bottom after hitting the 2017 high. The altcoin market also took a little longer to recover. In this regard, Sherpa says 189 days have passed since Bitcoin set the ATH level in November 2021, which is almost halfway to the bottom of the 2018 bear market:
One of the worst aspects of 2018 one was the time it took to fall; We are roughly halfway through now. It took much longer if you consider altcoin/BTC pairs. Many had a bad year in 2019 (Altcoin/BTC pairings were more popular back then).
“BTC may bottom at these levels before rallying”
According to Altcoin Sherpa, Bitcoin is roughly below current levels before falling. It may increase by 15%. In his recent analysis, he says:
It would make sense to me if more people were optimistic about the $35,000-40,000 bearish test and then the price dropped.
How long will Bitcoin drop?
As we have included in the analysis ofKriptokoin.com , a death cross has occurred in Bitcoin’s chart. According to the charts, we can see that when Bitcoin breaks above $44k in February 2022 and sets a series of lower lows at the same time, the technical structure has an uptrend to it and $48k is expected to bid.
All in all, the $30,000 and $24,000 space could be great opportunities for a long-term investor to buy Bitcoin, according to analyst Akashnath. However, another drop below $30,000 cannot be ruled out yet and investors need to plan for such a price drop.
