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BTC is experiencing the déjà vu of October 2020

2 min read

The current situation on the crypto market is very similar to that of October 2020. Traders and analysts are currently discussing what’s next? The main topic is of course BTC.

Market situation

As for BTC, it is still very questionable whether we are witnessing a bullrun. BTC twice tried to cross the $ 40,500 mark, but these attempts were always rejected by the bears. After on the first attempt to break through the resistance, BTC briefly fell to the level of $ 37,500, where it did not stay long. At the time of writing, there has been a great battle between bulls and bears at the resistance level, so we may have a successful and long-awaited breakthrough.

BTC / USD, 30 - minute time frame.  Source: TradingView
BTC / USD, 30 – minute time frame. Source: TradingView

Will there be a bullish trend?

If we compare how many analysts are betting on further growth in BTC, there would certainly be more of them than those who fear a decline. The growing trend may also be indicated by the Grayscale BTC Trust, whose premium is at the highest level in recent months. So the institutions again see hope in BTC.

Does BTC survive Deja?

Popular independent analyst Rekt Capital draws attention to the BTC chart, which can be seen as similar to the situation in October 2020, ie just before BTC started the road to a new all-time high. If the past repeats itself, we will most likely witnessing a new ATH. However, these are all just assumptions. In the crypto market, no one can say for sure what will follow.


The situation of altcoins

A large percentage of the profits made by the altcoin market returned to the market after the euphoria of the fake Amazon news waned. Dogecoin has traditionally been among the most significant high-loss coins with a 10% drop and the surprisingly promising Solana with a 10.8% loss.

The total market capitalization of cryptocurrencies is currently at $ 1.488 trillion and BTC’s slight dominance is almost 48%.

Bitcoin Group

Disclaimer: This article is for information purposes only and should not be construed as investment advice.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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