- Charles Shrem predicts crypto surge, likening market to pre-2020 boom.
- Shrem’s analysis shows Bitcoin, altcoins may follow XRP’s past 180% spike.
- Charts suggest crypto market cap excluding Bitcoin, Ethereum echoes 2020 growth pattern.
Charles Shrem, known in the cryptocurrency community as Blockchain Backer, has noted that the current state of the cryptocurrency market mirrors its position in 2020, just before the cryptocurrency XRP
Shrem described his observation by comparing a present-day daily chart of Bitcoin with one from 2020. He included the XRP/USD price on these charts and the Total3 metric, indicating the combined market capitalization of all cryptocurrencies except Bitcoin and Ethereum
Shrem’s graphical displays indicate a relationship between the two groups of measurements on each graph, even though a three-year interval separates them. Moreover, there was a commonality regarding when they occurred, with both patterns forming near the end of their respective years, and a substantial increase followed the 2020 graph in market prices.
Examining Bitcoin’s performance in 2020 more carefully reveals that the premier cryptocurrency experienced a surge of over 320% following the timeframe noted by Shrem. The value escalated from under $16,000 to almost $65,000 in less than half a year, as per the information from TradingView. Concurrently, XRP exhibited an early surge of roughly 180% and then experienced a retracement before embarking on a second, more substantial surge. During this latter phase, the leading alternative coin witnessed gains exceeding 1000% in under four months.
Despite the similarities and strong correlation in Shrem’s comparisons, it should be observed that a difference exists in how they relate to the Bitcoin cycle. The analytical chart Shrem produced in 2020 displays the actions of cryptocurrencies following the last Bitcoin halving, whereas the chart from 2023 shows the current state leading up to the forthcoming Bitcoin halving.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
