On Monday, Bitcoin continued to trade relatively flat. The cryptocurrency, as of the time of writing this, has found itself effectively stuck at $8,400, barely deviating from this level as altcoins have attempted to break higher. BTC is currently down 0.01% in the past 24 hours, according to CoinMarketCap.
While a few analysts have taken this consolidation and the lack of immediate bearish continuation as a positive signal, Bitcoin isn’t out of the woods just yet. Commentator CryptoWelson recently drew attention
to two “reasons to be bearish” in the below post, trying to remind his followers not to flip entirely bullish just yet.Not all is lost, however, as there is evidence to suggest that Bitcoin is forming some bottom.
Smartcontracter, a popular Twitter analyst, recently posted the chart below, which implies that Bitcoin has bottomed. As can be seen, the price action seen over the past few weeks and back during the capitulation phase of the last bear market (when Bitcoin fell from $6,000 and $3,000) are effectively identical. What’s more, the moving averages and trend lines on the charts are in similar formations and territories.
That’s far from the end of it. Back in December 2018, analysts were mentioning harrowing price targets, eyeing $2,000 (or even low). Now, analysts are calling for moves down to $5,000 or even lower — again, a sign that a fractal is playing out in the current.
Photo by Osman Rana on Unsplash