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Bitcoin Will Not Drop Another 50%, As Analyst Asserts BTC Bottom Is Close

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CryptoQuant analyst says others comparing BTC’s current price action to November 2018 are wrong.

In a CryptoQuant Quicktake shared on Friday, CryptoQuant analyst Onchain Edge asserted that analysts comparing Bitcoin’s current price action to November 2018 are wrong.

“Many analysts believe that BTC, now at $19k, is similar to $BTC at $6k in November of 2018. They are wrong about this bear market,” the analyst writes.

According to the analyst, the market is already in a bear market and has experienced a drop similar to November 2018. As per the analysis, the November 2018 drop from $6k to $3k is very similar to the fall from $30k to $18k.

The former represents a 50% decline, while the latter represents a 41% drop. According to the analyst, if the market falls further, measuring a 50% drop from the $30k price point puts the potential price bottom at about $15k, representing the possibility of an 18% decline and not 50% from current prices.

Notably, as highlighted by Onchain Edge, this price is very similar to the delta price, where the price bottomed in the 2015 and 2018 bear markets. Furthermore, Onchain Edge’s analysis aligns with a study by CryptoQuant in September, as reported by The Crypto Basic.

Onchain Edge, in the comments, summarizes by saying that it is a good time to start accumulating Bitcoin on a dollar-cost-averaging (DCA) basis. According to the analyst, the bottom is close even if the price drops.

Meanwhile, CryptoQuant chief Ki Young Ju expressed similar sentiments in a tweet on Friday. The CryptoQuant CEO highlighted many more strong fundamentals to buy Bitcoin now compared to 2018. In the comments, Ki Young Ju said, “just buy Bitcoin.”

Bitcoin is trading at the $19,171.65 price point, posting marginal gains of about 0.80% in the last 24 hours.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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