Known Bitcoin whale JOE007 compared current market trends to November 2018 trends. Calling it November 2018 vibes. This was in reply to a tweet that called Bitcoin at $30K the new Bitcoin at $6K, referring to the market trends of 2018 when Bitcoin crashed after the bull market ended.
Replying to the tweet, Joe tweeted; “Except 5 times more expensive.” With a follow-up tweet that said, “November 2018 vibes, anyone?”
This is a nod to the November 2018 crash when Bitcoin fell and lost over 80 percent of its value from the beginning of the year 2018.
Bitcoin Set To Crash More?
A November 2018 movement for Bitcoin would mean that Bitcoin still has some falling to do. While Bitcoin has lost a good percentage of its all-time high, there is still a long way to go since the asset has only lost about 60% of its value so far.
Related Reading | Bitcoin Could Fall To $10K, Louis Navellier
Despite bullish sentiments in the market, the price of Bitcoin hasn’t picked up much in recent months. Mostly held in the $30K price range for most of that time. Bears are trying to drag the price further down. Getting it to a point where it would be more profitable to buy. But that has not been the case as traders have managed to get the price back over $30K and keep it there.
November 2018 market trends would see the price of Bitcoin crash back to $12K. This would be the point at which Bitcoin will have lost over 80% of its all-time high. Putting the market right in a » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market. But regardless, $12K is still a higher price than the $3,878.66 low that Bitcoin hit in November 2018.
The price of Bitcoin had fallen a whopping 37% percent in that month alone. And that’s how the subsequent » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market started, which lasted straight into 2020 until prices started picking back up. Leading us to the current bull market wave that the market has been riding up until this point.
Prices To Pick Back Up?
Responding to a question about if he was ever bullish on Bitcoin, Joe explained that he believes the price would go back up eventually. Much higher than current prices. But for now, the Bitcoin whale seems to remain bearish on the market.
Bitcoin up 0.43% in 24 hours | Source: BTCUSD on TradingView.com
With each bull market comes a » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market. The hard part is predicting when the bull market ends and where the » Read more