- Charles Shrem has observed that crypto is at a similar level to 2020 chat before XRP surged about 180%.
- Shrem showed a correlation between Bitcoin, Total3, and XRP that is repeating itself three years apart.
- After the setup in 2020, Bitcoin rallied over 320% in less than six months.
Charles Shrem, the cryptocurrency analyst popularly known as Blockchain Backer, has observed that the crypto market is at a similar level to where it was in 2020 before XRP surged about 180%. According to Shrem, both the Bitcoin and the altcoin prices started to rally towards new highs shortly after that setup.
In 2020, is was right about where we are right now in this setup where XRP shot up 180%.Bitcoin up
Altcoin market up
This is where it happened, let's see how this week unfolds from here. pic.twitter.com/B1fFM9qJEu
— Blockchain Backer (@BCBacker) December 9, 2023
Shrem explained his observation by using a current Bitcoin daily chart and placing it side by side with the daily chart from 2020. He also plotted the XRP/USD price on the charts and the Total3 metric, representing the total market cap of all cryptocurrencies excluding Bitcoin and Ethereum.
Shrem’s chart pr…
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