Crypto Fund Manager Spots Repeat of 2020 Bear Trap in Bitcoin’s Price

Bitcoin was down on Friday, Apr. 11 by more than 25% from its historic record high price of $109,000 at the time of Trump’s inauguration on Jan. 20th.

But MN Fund founder and manager Michaël van de Poppe recently compared the situation with BTC prices to the global financial dump and pump during the worst of the coronavirus pandemic in 2020.

2020 BTC Bear Trap Redux?

“The markets kind of remind me of the COVID crash,” van de Poppe wrote in an X post timestamped Apr. 8.

“Massive dump and after that we’ve actually been quickly jumping back up with #Bitcoin, resulting into an 18-month bull market,’ he added.

A commenter in the reply thread agreed, remarking, “The parallels are striking. After a sharp correction, Bitcoin’s resilience could set the stage for another significant bull run.”

In addition, van de Poppe wrote, “It’s not at [sic] matter of speculation where the markets will be at tomorrow. It’s rather a case of 6 months from now and build your investment thesis around it.”

Bitcoin prices exhibit a strong historical trend of appreciating over many 6-month periods and delivering markedly higher returns on investment than average US stock returns.

“If this correction is comparable to March ’20, then we’re about to witness a strong upwards run on #Bitcoin and #Altcoins,” the crypto fund manager added.

Bitcoin Price Bullish Trend Channel

A day earlier, van de Poppe spotted a channel upward for BTC, writing:

“Bitcoin attacking $80,000 is a strong sign.”

He added:

“I don’t know whether we’ll be having another drop or whether we’ve seen it all. However, with the amount of liquidity being added, 6 & 12 months from now prices will be substantially higher.”

With Bitcoin’s price trading back above $83,000 within 48 hours of this note on Apr. 11, and finding support on retests at the $78,700 and $79,000 levels on Apr. 10, these remarks are beginning to ring true.