Another Crypto Crash Is Coming – Here’s Why March 2020 Black Swan May Repeat
Top analyst Elliot Wainman from the popular Elliotrades Crypto channel discusses about the recent market uncertainties and trends as well as the possibility of the recurrence of Black Swan event.
“As the virus shows its ugly face once again, markets resume panic mode fearing another lockdown is imminent. Given that governments have pretty much-outlawed bear markets, will this be another magnificent bottom buying opportunity like march 2020?”
According to Wainman, not only the crypto market, the stock market is also facing huge volatility. Dow Jones is suffering the biggest drop of the year, sliding down 900 points as Covid Delta variance fears hit Wall Street hard:
“Socks and businesses are tumbling for support and there would be a huge political demand and pressure to print more money and stimulate the economy and keep people from going completely out of business,” says the analyst
“And this is the beginning of what we saw back in March 2020”.
Back to March 2020, the crypto market tumbled a huge lurch from $10,000 to mid $7,000 and then a massive capitulation to $5,000.
Wainman believes that was opportunities to get some really juicy low entries on Bitcoin and once those capitulation candles had actually run their course there was pretty much an up the only market: “If you bought in anywhere in this capitulation zone, you were just onwards and upwards, crushing it for several months, actually over a year,”
“I‘m preparing for yet another opportunity to repeat what happened in March 2020. This could be the fool’s big bull trap where everyone gets bullish at the bottom and it just continues to cascade downwards and downwards to downwards… That is a like modern civilization stability issue.”