The Bitcoin market is currently going through a weak situation. In the last 30-days alone, I have seen a dip of 9.3%. At present, the price of BTC stands at
Bitcoin investors might not have to wait for long to see a strong bullish trend emerging in the crypto market. At least, a latest revelation by a crypto expert indicates so. A recent stock market crash in Japan has grabbed the attention of many crypto enthusiasts and experts. They are now comparing it with the Bitcoin price crash that occurred in 2020 (during the pandemic) and trying to understand what it holds for Bitcoin in the near future.
One of the crypto experts, who goes by the name Moustache, has been closely observing the stock market crash in Japan and its impact on cryptos. In his recent analysis, he has drawn the similarities between the Bitcoin price crash in 2020 and the stock market crash in 2024. He has shared a chart that compares these two market crashes and highlights their striking similarities.
Bitcoin Covid crash 2020 vs. Japan stock market crash 2024
Isn’t this chart comparison fascinating?
If things continue like this, we’ll soon see a lot of green candles again.
Hang in there. pic.twitter.com/GjerjTwRvZ
— Moustache (@Moustache_222) August 11, 2024
As per Moustache’s analysis, both the markets crashed sharply and then remained in a weak state for nearly 3 to 4 months. Following this weak period, both the markets started recovering slowly and gradually. Now, if we take a closer look at the Bitcoin price chart in 2020, we can see that BTC began recovering from the crash in mid-2020 and started forming higher peaks and higher troughs. This bullish trend continued for nearly 6 to 7 months, leading Bitcoin to reach its peak price of $69K in mid-2021.
Now, coming back to the stock market crash in 2024, we can see that the stock market began recovering slowly in mid-2024 and started forming higher peaks and higher troughs. This bullish trend is still continuing in the stock market. Taking infraces from this comparative analysis, Moustache has predicted the possible emergence of a bullish trend in the Bitcoin market. He has appealed to Bitcoin investors to remain confident about the future of Bitcoin.
Also Read: Top Altcoins to Buy During Bitcoin’s Temporary Slide
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