The crypto market is at a critical inflection point, where the future fate of the emerging asset class lies in the balance.<\/p>\n
The recent volatility and rise to new local highs followed by a steep crash<\/a> is nothing more than turbulence before the rocket ship has taken off into a new bull market, according to one top crypto trader known for his unrivaled accuracy.<\/p>\n Bitcoin<\/a> and altcoins started off the year with a massive surge, but heightening fears over the spread of the coronavirus<\/a> and its impact on the greater global economy prompted a massive selloff across all financial markets<\/a>, including crypto.<\/p>\n Related Reading | Bitcoin To Explode By 80% Before Halving According to Past Cycle Comparison\u00a0<\/a><\/strong><\/em><\/p>\n The extreme rise followed by a steep drop has market participants confused, wondering if the promised land and bull market is really around the corner, or if the young asset class is due to fall back into another extended bear market trend.<\/p>\n One crypto trader, known for his long-term models and advocacy of patience when taking positions investing in Bitcoin<\/a>, believes that this is essentially the calm before the storm or the \u201cturbulence before take-off.\u201d<\/p>\n The comment is in reference to Bitcoin potentially refueling its rocket ship for its next moon mission.<\/p>\n After the leading crypto asset by market cap reached an all-time high<\/a> in late 2017, the entire asset class fell into a deep, arduous downtrend that took Bitcoin from $20,000 to $3,000.<\/p>\n There, the analyst in question called Bitcoin\u2019s bottom, riding the \u2018wave\u2019 all the way to the top o the rally where the analyst claimed the asset was overextended and overheated, and ready to fall.<\/p>\n His stance was contrary to most of the market<\/a> at the time but was later proven correct.<\/p>\n This is it. The turbulence before take-off…. pic.twitter.com\/4RtAVaoPXy<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) March 1, 2020<\/a><\/p><\/blockquote>\nCrypto Trader: Recent Price Action Is Turbulence Before Takeoff<\/h2>\n
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