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Chris Burniske @cburniske
, 8 tweets, 3 min read Read on Twitter
1/ #Bitcoin's been falling for 9 months now (Dec 2017 - Aug 2018). From 2013-2015, $BTC fell for 14 months (Dec 2013 - Jan 2015) before bottoming.
2/ #Bitcoin then consolidated during Q1-Q3 of 2015, making it ~2 yrs of mostly bearish sentiment from the mainstream.
3/ #Bitcoin broke its trading range in November 2015, rising 55% in 84 hrs, which I would argue was the very beginning of what would be a 2-year bull market. forbes.com/sites/samantha…
4/ There's nothing magical about 2 year periods, and if anything I would expect #crypto's market cycles to compress as we march deeper into the frenzy.
5/ I share the numbers as perspective-- these things take time. Good things are happening in #crypto.
6/ The market not reacting to good news (such as @ICE_Markets + Bakkt last week), is a telltale sign that we're still in a bear market.
7/ Put another way, "You know you're in a bear market when you get good news and can't rally," echoing @CathieDWood & @AriDavidPaul.
8/ Chartists will have more granular predictions on timing. My mental model: we're > halfway through the fall (no clear sign the bottom is in though), which will be followed by some months of quiet, before bulls are back in charge. Meanwhile, all around us, people are buidling 🙂
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