In the last few days, we have seen Bitcoin's price significantly drop down all the way to beneath $10,000 USD. While the usual volatility of BTC remains, sharp eyed analysts have begun to observe a more than interesting comparison…
Mainly coming out of a key video authored by Faisal Sohail, who also has earned a Ph.d in Economics, it indicates that there are several key similarities to the TA around the same time just prior to the crazy bull run of 2016.
This comparison is linked to the 2016 Bull session and could mean that Bitcoin is actually ahead of the 2016 price, and could lead to another spectacular price spike in this particular cycle.
Bitcoin History Lesson
The latest weekly chart for Bitcoin is indicating price support on the 20 EMA. Currently the RSI is over 55 and the first red candle in the MACD has come about with a suggestive bearish MACD cross. And if we turn back the clocks to July, August and September of 2016, a keen eye will notice quite similar signs to the chart from today! During that time, the support level of the EMA was just above 20, the RSI sitting patiently at 52, and there was a typically bearish MACD cross with the first red candle. Analysis of the video emphasizes on both years being bullish ahead of these corrections. And as we all know, not long after the 2016 correction followed the bull run continued firmly, resulting in the all-time high of $20.000 USD. What a time for crypto that was!
Sticking close to an acceptance and agreement of the analysis, it indicates some seriously positive predictions when it comes to Bitcoin's future. If history is any indicator, and there is also string sentiment to support it too, Bitcoin’s all-time high will be easily surpassed in the following years, and quite possibly, rising to extreme levels! The author finished robustly by adding: “Don’t get manipulated, this might be the best chance to load more on dips”.
What’s to Come for Bitcoin?
As reported in recent weeks, 2020 is deemed a a great chance to be the best year in Bitcoin’s history with ATH's bigger than ever before! When you factor in significant milestones such as the Halving in May, continued mass-adoption, and as a result – scarcity, Bitcoin’s future seems healthy and certainly looks to be on the rise when the fundamentals are in check.
Of course however, and as is customary for our beloved BTC, a more recent analogy is worth discussing as well. Although the 2016 comparison seems to be very bullish for Bitcoin, another one, this time from 2018, may invite the bears back to town. A freshly appeared descending triangle pattern now strongly resembles one from last year which triggered a movement that dragged the price down from $6000 to $3120. Bitcoin could just as easily be heading to $6000 now.
The post Is Bitcoin Showing a Similar Chart of The Bull Market Started 2016? appeared first on CryptoPotato.