The largest cryptocurrency Bitcoin has lost more than 30% of its value in the past 14 days. Furthermore, the asset dipped to less than $20K which was reached during the cycle of 2017.
This one is considered the first time in the cryptocurrency history that it plunged below the all-time high level reached during a previous bull cycle. Many factors like the predominantly negative market sentiment, massive declines and the continuous selling pressure caused many traders to consider that the bottom for king currency is in.
However, one of the popular traders pulled out a previous historical analysis, which is according to him the worst have not been yet over.
il Capo of Crypto, a popular cryptocurrency analyst and trader used Twitter platform to compare the current declines and the declines in 2018.
The $30K support was very similar to the $6K support in 2018. Once it broke, capitulation phase started, but if we compare both, we can clearly see that it’s not over yet.
At the time of writing this article, The largest cryptocurrency in the market Bitcoin (BTC) is trading at $20,414.78 in light green.