The current bear market may not even be half way over.
Industry analyst and CEO of popular derivatives exchange Bitmex, Arthur Hayes says that we may still have a ways to go before prices really start to go up again.
Specifically Hayes had this to say:
"Based on previous experience the low volatility and volume trading climate could persist for another 12 to 18 months."
Another 12-18 months from here?!
Yikes!
Why does Hayes think the bear market may still have some teeth left?
According to Hayes, it is strictly based on his experience in the crypto space.
Hayes continued with this:
“I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.”
Hayes experienced one of the worst bear markets on record and is using that as his barometer for this recent one.
In his defense, the current bear market looks an awful lot like the bear market that started in 2013.
(Source: https://bittimes.net/news/20459.html)
Similar, but not exactly alike:
In 2013 the bear market started partly due to a parabolic increase in prices but also was exacerbated by the Mt. Gox exchange shutting down.
At the time Mt. Gox handled something like 70%+ of all crypto trades in the world.
When that exchange shut down people literally thought bitcoin and crypto might be going away.
At this point there is no doubt in people's minds that crypto is not going away.
There is more awareness and many places for people to trade crypto than there was back then.
It honestly is like comparing apples to oranges.
At this point I would be surprised if this bear market lasted as long as the one from 2013 did. However, that being said I would not be surprised if we had another 6 months or so before prices started really going up again.
Stay informed my friends.
Image Source:
https://cryptoslate.com/bitcoin-bear-market-could-last-another-year-and-a-half-says-bitmex-ceo/
