Range-Bound Bitcoin Reminds Crypto Twitter of 2018 Lull That Ended With 50% Crash

The absence of large sellers, persistent holdings by long-term investors, and resilience of cryptocurrencies in the face of turbulence in traditional financial markets offer hope.

To endure, the current stagnation is reminiscent of September-October 2018, when the biggest cryptocurrency held steady around $6,000 for weeks before dropping nearly 50%.

Over the weekend, pseudonymous analyst and swing trader Il Capo of Crypto explained to his 540,000 followers that like the 2018 consolidation near the dollar, the current trading near $20,000 represents a temporary break that will pave the way for another price selloff.