In the past 14 days, Bitcoin’s price lost over 30% of its value. What is more, the cryptocurrency plunged below $20K – the previous all-time high that was reached during the 2017 cycle.
This is the first time in the history of the cryptocurrency that it drops below an all-time high level reached during a previous bull cycle. The massive declines, the continuous selling pressure, and the predominantly negative market sentiment caused many to consider that the bottom for BTC is in.
However, a popular trader pulled out a historical analysis, according to which the worst might not yet be over.
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.
Funding rates also validate this.