Dan Gambardello — a crypto market analyst, content creator and founder of recruiting firm Crypto Capital Ventures — suggested that things in the market will "get worse before getting better" in a recent analysis. He also suggested that crypto investors will most probably have to wait until 2024 for the next bull market.
What Happened: In a Thursday market analysis YouTube video, Gambardello reminded his 328,000 followers that Bitcoin (CRYPTO: BTC) — which in the past has dictated the overall crypto market's movements — historically fell under the 0.764 Fibonacci retracement level during bear markets and traded.
See Also: Is Bitcoin A Good Investment?
Furthermore, during the 2018 bear market, Bitcoin traded in the channel between the 0.764 and 0.618 levels for significantly longer than it did during the current crypto winter. So far, Bitcoin has traded in that range for about 150 days — a whole 100 days less than during the last crypto winter.
Gambardello also pointed out that Bitcoin is living through its first macroeconomic recession, making it unlikely that the current bear market will be less aggressive than 2018's — and so far it has not been as pronounced.
The analyst said that he will not even consider the idea that the bottom of this bear market is in until Bitcoin falls under the 0.764 Fibonacci retracement level at about $17,000. He also highlighted that it is likely to fall significantly more than that — with the next Fibonacci retracement-based supports being located in the $13,000 and $11,200 areas.
Read Next: Did Henry Ford Predict The Rise Of Bitcoin?
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.