{"id":401315,"date":"2019-10-14T12:00:44","date_gmt":"2019-10-14T12:00:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=401315"},"modified":"2024-06-11T13:31:04","modified_gmt":"2024-06-11T13:31:04","slug":"bitcoin-price-continues-to-track-bullish-3200-bottom-fractal","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-continues-to-track-bullish-3200-bottom-fractal\/","title":{"rendered":"Bitcoin Price Continues to Track Bullish $3,200 Bottom Fractal"},"content":{"rendered":"
When asked about the drawbacks of Bitcoin<\/a>, many people cite the cryptocurrency market’s immense volatility \u2014 multiple days a year, BTC and its ilk have 10%+ days.<\/p>\n Case in point, the Bitcoin price tumbled off a cliff in late September, falling from the lofty price point of $10,100 to $7,700 in a week’s time. This move, as made evident by over $500 million in BitMEX long position<\/a> liquidations in an hour, caught many investors were their pants down.<\/p>\n But Bitcoin’s price action in this scenario may not be as random as it seems. In fact, some have argued that the chart structure formed after the precipitous drop shows that bears are running out of steam. And quick.<\/p>\n If you\u2019ve perused Crypto Twitter at all over the past week or two, you likely would have noticed the incessant mentions of a\u00a0Bitcoin\u00a0price fractal.<\/p>\n (A fractal, in the context of financial assets and their respective charts, is a certain historical chart formation\/price action repeating on a smaller scale at a different time or for a different asset.)<\/p>\n Their fractal thesis, as hinted at earlier, is that Bitcoin’s 20% drop seen a few weeks ago is structurally similar to November’s dramatic drop from $6,000 to $3,000.<\/p>\n While some have laughed off the similarities of the movements as pure coincidence and mental gymnastics, the fractal has continued to gain traction.<\/p>\n Smartcontracter, a popular Twitter analyst, recently posted the chart below. As can be seen, the price action seen over the past few weeks and back during the capitulation phase of the last bear market are effectively identical. What’s more, the moving averages and trend lines on the charts are in similar formations and territories.<\/p>\n <\/p>\nRelated Reading: Does Crypto Need a Bitcoin ETF? CNBC Analyst Says Maybe Not<\/a><\/h6>\n
Bitcoin Bottoming Fractal Gains Credence<\/strong><\/h2>\n
Related Reading: Could Bitcoin Collapse By 25% to $6,000? GBTC Premium Implies So<\/a><\/h6>\n