It’s fairly easy to be exuberant when everyone else is. That’s partly why the last crypto bull run achieved such heights.
But there are some influencers who made excellent bear market predictions, even amidst such market positivity, possibly showing their experience in the game.
Litecoin creator Charlie Lee has made some pretty spot on calls over the past year or so.
According to Coinmarketcap.com, price on Dec. 11 was over $200 at times, en route to a rapid ultimate height of about $370.
Price currently sits at about $30 per LTC, via real-time Blockmodo data, at the time of this writing. It would seem as though years of experience helped fuel this comment from Lee.
Ok, sorry to spoil the party, but I need to reign in the excitement a bit…
Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy!
— Charlie Lee [LTC] (@SatoshiLite) December 11, 2017
Lee followed up with a Tweet earlier this year in June, referencing last December’s tweet.
I realize it sucks to have held a coin dropping 70%+. That's why I made the tweet about being able to withstand a 90% drop and multi-year bear market if you invest in crypto. I made that tweet before I sold. Most people aren't able to withstand this as we see clearly now.
— Charlie Lee [LTC] (@SatoshiLite) June 24, 2018
Lee was pretty accurate on his LTC price drop warning. But what about the multi-year bear market also mentioned in the Tweet? That is left to be seen.
YouTuber Chris Dunn
Notable YouTuber Chris Dunn made a video on how to prepare for the coming cryptocurrency bear market… in August of 2017.
In his video, Dunn recounts Bitcoin’s price rise up to that point. He mentions aspects such as hype from news outlets and the public.
He goes over price action according to price charts, as well as makes several statements indicating that crypto will go through market cycles, just like other asset classes.
He gives far too much content to cover individually in this article. However, he does make a vital statement regarding the wrong mindset to have – “[l]et your feelings of euphoria silence the downside risk”.
Much of the public likely let their euphoria take over, thus driving prices to unbelievable highs. But gravity eventually took its toll on the charts, leaving many traders at a loss when things came crashing down.
In this video, Dunn shows an excellent example of a level head, utilizing history and logic to balance market sentiment.
Twitter Influencer Crypto Birb
@crypto_birb on Twiter has reportedly been in the crypto space since 2010. A knowledgeable trader, Birb has been calling for a dramatic further drop since May of this year, as per the tweet of his chart.
$btc remember my mid February scenario if H&S plays out
>symmetric triangle bearish vers.
>#bitcoin dip to 4.5k<=H&S range
>this would be the most healthy scenario for #btc-full retracement
>hope it does not follow me
I dont feel like waiting for lambo pic.twitter.com/NJ7W1PF7WD
— CryptoBirb (@crypto_birb) May 1, 2018
Although price action has been a bit lower than $4.5k recently, targets and chart analysis should often adjust according to time and ever-changing sentiment. Birb’s recent tweets have indicated accuracy as well.
— CryptoBirb (@crypto_birb) November 19, 2018
All the above price levels have hit as of the time of this writing.
Going forward, there is significant speculation on when the crypto markets will recover. One interesting February article on SeekingAlpha.com sports a title with an interesting observation – 2 Out Of 3 Crypto Crashes Like The Current One Ended Up Being A Multi-Year Bear Market.
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