JOE007, a well-known Bitcoin whale, compared current market trends with November 2018 trends. This comparison came in response to a tweet that said Bitcoin would go from $30,000 to $6,000, citing 2018 market trends where Bitcoin crashed following the end of the bull market. In response to the tweet, Joe said, “except it’s 5 times more expensive.” “Like November 2018, right?” he asked too. Here, the trader made a reference to the November 2018 crash, where Bitcoin crashed and lost more than 80 percent of its value since the beginning of 2018.
Will Bitcoin experience further declines?
The fact that the trader says for Bitcoin “as in November 2018” may mean that there is still a lot of room for BTC to fall. BTC is currently down 50 percent from its all-time high. Despite the bullish sentiments in the market, the BTC price has not increased much in recent months. For the most part, it has held on to the $30,000 price range. Market trends in November 2018 showed that the BTC crash brought the price back to $12,000.
This level means that BTC has lost more than 80 percent of its all-time high. But $12,000 is higher than the $3,878 low BTC reached in November 2018. Bitcoin price dropped by 37 percent in that month alone, and this is how the bear market that lasted until 2020 began.
So, will prices rise?
The famous Bitcoin whale, known to earn millions of dollars, came to the fore with his predictions for the largest cryptocurrency, BTC. Cryptocoin. com, as we have previously reported, it is also known in the crypto money world for predicting the downward price movements in BTC and knowing them correctly. JOE007 earned $10 million in minutes in February of last year. However, he announced that he would no longer share the details of his transactions when he suffered a loss in May 2020.
Answering a question about whether there is any “bullish” in Bitcoin in his last tweet, Joe explained that he believes the price will eventually rise again. He said that very high levels can be seen from the current fiyadollarsar. But for now, the Bitcoin whale seems to be bearish in the market.
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