BTC current position has a resemblance to Breakout pattern of 2018, claims analyst
The current position of the Bitcoin is very critical and facing many ups and downs. The price has made attempts to cross $8,000 but it is failed as shown in the past few days. Some analysts are comparing the present scenario with the breakout of 2018.
When dive into the price trends that happened in 2018, we come to know that Bitcoin has gone to its lowest level of all-time and losing value almost by 84%.The trend line in 2018 touched the deep figure of $3,120 which then start recovered at the start of 2019.
Resemblance with 2018
The same condition and events are repeating itself again as a crypto enthusiast, Cantering Clark, claims by sharing a compared graph of 2019 with 2018. According to him, there is one to one resemblance between the two charts.
There is an uncanny resemblance between these two charts.
It would make sense that after the first major move up, that the first major correction and following accumulation period would have a fractal resemblance to the larger original.
The purpose is still the same.$BTC pic.twitter.com/eRQA9PRJSZ
— Cantering Clark (@CanteringClark) December 9, 2019
The resemblance to some extent is appropriate as Bitcoin is also touching the lowest ranks of the year 2019 which is directly pointed to the times in the past when BTC is lingering at its lowest position.
When the price went downward in 2018, then the beginning of 2019 triggered the trend line in the upward direction and now the year 2020 is going to start which may act as a catalyst and might drag the value upward.
A big move is expected
A big move either toward a bullish trend or bearish trend is expected. But there are more chances for the price rallies as the halving event is approaching which as usual might top the price easily above $20,000. However, analysts are expecting even more from the halving of Bitcoin, even $1million.
As a famous bitcoin trader and analyst, John McAfee, claims that bitcoin will go to $1 million after halving event. The same sentiments are shared over Twitter by some reputable experts and analysts.
Currently, the Bitcoin price is hovering at $7,500 with a negligible change in the past twenty-four hours. The altcoins markets are also going down following the digital gold.