Thursday, June 20, 2024

Bitcoin price fractal from 2018 has potential to trap bulls and drive price to $25,000.

An independent market analyst, CryptoBullet, noticed a fractal, geometric curve, showing Bitcoin regenerating an inverse head and shoulder form. This form leads up to a price decline on the way to $3,100 in late December 2018. This decline in 2018 shows that something similar might happen in 2022 and the Bitcoin price will undergo as in 2018.

This is the first result when compared with the price decline value in 2018 and 2021–2022. For example, Bitcoin (BTC) achieved two highs, one in April and the other in May 2018 around $10,000. Later went down below $6,000 in July, while forming an inverse head and shoulder pattern (IH&S).

Ironically, Bitcoin went through a similar price trajectory from October 2021–to February 2022. Here too, Bitcoin formed two highs, nearly $65,000 in April and around $69,000 in November. Later, while forming an inverse head and shoulder pattern (IH&S), it went below $33,000 at the beginning of February.

With inverse head and shoulder (IH&S) being a bullish pattern, Bitcoin is now waiting for a breakout move to $50,000 or above. Market analyst Lark Davis has given an identical technical setup which shows a high of $60,000.

However, swarming up to $50,000 or $60,000 might not relieve Bitcoin from swaying a bullish bias. If the 2018 pattern repeats in 2022, then Bitcoin is most likely to fall to or below $25,000.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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