Crypto Crow: Cardano Feels Like 2020 Again

Crypto Crow compared Cardano’s recovery with the market conditions he remembers from 2020 during his September 18 livestream. His outlook remained optimistic, although he expected another sharp Bitcoin pullback before the broader advance he anticipated.

Cardano’s Recovery From Its Local Low

Crow said ADA was approaching $0.22 again after a local low he placed near $0.13. He described the recovery as a sustained move within an ascending channel.

“It feels like 2020 to me,” he said, explaining that the comparison resonated with him more than references to the 2018 market.

Discussing his own exposure, Crow said his Cardano trading position had recently approached break-even. He explained that identifying broader chart patterns suited him better than trading short-term moves on 15-minute candles, where he was more likely to second-guess his decisions.

His market outlook nevertheless included further volatility. Across his review, he repeatedly returned to a potential Bitcoin correction that he believed could renew doubts about whether the bear market had ended.

Bitcoin Rally and October Pullback Scenario

Crow compared Bitcoin’s current daily chart with a pattern from late 2022 into early 2023. He highlighted similarities in heavy selling candles, bottom formation and the subsequent recovery toward resistance.

He expected a move toward approximately $88,000 to $89,000 over the following several days. He acknowledged that the historical pattern would not translate exactly and also mentioned the possibility of a slightly lower local peak.

His scenario then called for a sharp correction toward $71,000 in October. He believed that decline could frighten traders who had interpreted the preceding rally as confirmation of a lasting reversal.

Crow distinguished this projected pullback from the low near $57,700, which he considered the bear market bottom. In his interpretation, the October level would form a later, higher local bottom before a stronger advance.

Midnight Holdings and Potential Trade Exits

Crow said NIGHT was his largest portfolio holding and expressed confidence in Midnight’s prospects during a market recovery.

He applied the 2020 Cardano comparison even more directly to Midnight, saying its chart and surrounding sentiment reminded him of Cardano during that earlier period. He cited selective privacy and the generation of transaction resources among the features behind his interest.

Crow said he had maintained his Midnight trading position through a recent loss because he expected a reversal, and reported that it had subsequently moved into profit.

He also identified Bitcoin’s anticipated local peak as an area where he might close open trades.

“I may very well start closing these trades,” he said while discussing the projected move toward that area.