Many in the Crypto Twitter community were expecting a long consolidation period after BTC dropped by almost 85 percent from all-time highs of $20,000. That’s why some of those who were able to catch the bottom at $3,100 took heavy profits at $6,000, thinking that the market will respect the former resistance. Imagine the look on their faces when the leading crypto token sliced through $6,000 like a hot knife through butter.
Where did these expectations come from?
Simple: many of those who stuck during the 2018 bear market referred to the 2015 crypto winter to look for signs of reversal. In reality, however, bitcoin is behaving like the bull market of 2012. One respected analyst was quick to point out the difference.
Rounding Bottom Versus Double Bottom Reversal
On June 24, a pseudonymous account on Twitter named the Crypto Dog, who has amassed 147,000 followers, posted a chart that shows how bitcoin closely resembles the 2012 bull run. It also highlights how the current trend reversal is quite different from the 2015 consolidation. In the tweet, the analyst wrote, “Bitcoin is acting a whole lot more like 2012 than 2015.”
— The Crypto Dog (@TheCryptoDog) June 25, 2019