Crypto Trader Warns: Bitcoin Price Action Mirrors 2021 ATH Pattern
According to a cryptocurrency trader, the price chart of Bitcoin is beginning to resemble the pattern it showed when it hit the all-time high of $69,000 in November 2021 for the last cycle. In light of the growing demand for Bitcoin from cryptocurrency treasury firms, several traders contended that charts don’t now provide the whole picture.
Analysts Warn: Familiar Bitcoin Chart Patterns May Indicate Near-Term Peak
To determine when the price may peak and when to sell, technical analysts often compare the Bitcoin price chart to similar patterns in previous cycles. These comparisons are also used to forecast when funds might begin to shift into other assets.
Has anyone else noticed that the topping price action in 2021 looks exactly the same as current price action?
crypto trader Nebraskangooner
Benjamin Cowen, a cryptocurrency analyst, concurred, arguing that the Bitcoin chart follows the same pattern every year following the halving. He said it was down in September and up in July-Aug. Q4 is when the market cycle peaks.
Abe Says Ether Near ATH, Bitcoin’s Downtrend ‘Impossible’
However, cryptocurrency trader Kale Abe claimed that Nebraskangooner’s observation was just another example of a situation in which fractals and charts are irrelevant.
The only thing that matters is the treasury companies and if they are out of ammo or not,
Abe
Since Ether is getting close to its all-time highs, Abe was also skeptical that Bitcoin will enter a down market. He stated it was impossible.
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