BTC is currently swinging between bullish and bearish stance. A chart analyst now points out: The Bitcoin price action in recent months is reminiscent of the rapid rise in BTC prices at the end of 2018.
Bitcoin prize just before epic breakout?
BTC went through its biggest bear market in history in 2018. From 16 December 2017 to 15 December 2018 Bitcoin lost over 84% in value.
After the price had bottomed out at about $ 3,120, he began to recover and returned up towards the end of the second quarter of 2019. This unique path Bitcoin took at that time seems to be repeating itself now. This view is the two renowned traders Josh Rager and Cantering Clark.
Admittedly, the chart comparison is largely speculative and only points to one of the many possible scenarios. However, the correlation is still striking.
The bitcoin diagram analysis sometimes works like a self-fulfilling prophecy, and the “leadcoin” BTC has shown that it is still capable of big daily rallies provided the right news. This time, the bullish forecast collides again with extremely bearish views that see BTC fall lower.
BTC is still waiting for a big step
The “Bitcoin fear and greed index” has returned to 32 points and has moved out of the area of ”extreme fear”. The mood, however, remains modest. A large price increase could be caused by a whale or increased activity in the near future.
For the Bitcoin price, there are still several models that predict a potential increase to $ 100,000 or more. However, skepticism remains, as BTC is still considered a high-risk and speculative asset.
But before an eruption, the Bitcoin price will also have to cope with its falling volumes and low tether activity (USDT). In the course of December the activity decreases before the holidays.
However, the chart analysis is not one-sided – even the current Bitcoin price level sees forecasts for a sharp downturn. However, the introduction of futures markets and options on futures could offset the price volatility.
There have been significant “whale” reviews over the past few days, suggesting that BTC holders are still interested in the coin and its future. Accumulation in medium-sized wallets is also continuing unabated and underlines that the long-term bullish case for Bitcoin is still intact.