HomeBitcoinGreat crypto bear market predictions, result of experience?

Great crypto bear market predictions, result of experience?

bitcoin-price

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.

Charlie Lee

Litecoin creator Charlie Lee has made some pretty spot on calls over the past year or so.

Most notably perhaps was his Litecoin (LTC) price warning tweet. Amid unbelievable price exuberance for LTC, Lee tweeted about a 90% price drop for LTC on December 11, 2017.

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.

Lee followed up with a Tweet earlier this year in June, referencing last December’s tweet.

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.

Image Courtesy: YouTube

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.

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.

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.

Although who’s to say Bitcoin will not hit $1 million by the year 2020, just as John McAfee famously predicted? Or even Tom Lee’s end of 2018 $15k BTC prediction? Only time will tell.

*CryptoInsider is sponsored by Blockmodo. As part of our arrangement, we may occasionally link to them and quote them when appropriate. This is done at the discretion of CI staff and CI sponsors have no say in any editorial decisions made by CI.

Written by

BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.

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This is opinion and not investment advice in any way, Crypto Taco might have some participation in certain cryptocurrencies but this participation does not interfere with the Editorial content of CryptoInsider.com, we do not participate in trades based on content.
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