BTC Will History Repeat Itself Like OCT 2018?

2022년 10월 18일

Historical data are very important, we cannot ignore them as a source of reference, especially on large timeframes like Day or above.

Currently, Bitcoin is trading at $19,419 after a surge of nearly 2% in the last 24hrs. Meanwhile, the same is with Ethereum, Cardano, Solana, Polygon among others, especially low-cap tokens last 48 hrs. Comparing Bitcoin’s price actions prior to the midterm elections of 2018 with those of 2022 shows a strikingly similar bear market trend.

For instance, BTC price trended lower in 2018 while holding a horizontal level near $6,000 as support, only to break below it after the midterm elections. With the midterm elections scheduled for Nov. 8, the said breakdown scenario could occur sooner or later

For swing traders, I think we need to wait a little longer for the price to break out of this pattern and make a big move.

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