Bitcoin Could Soon Surge if History Repeats Itself
Bitcoin is primed to begin a macro rally from here if history repeats itself, a recent analysis by a crypto chartist indicates.
The chartist shared the chart below on September 3rd. It shows that BTC’s about to bounce off a pivotal downtrend from the $20,000 all-time high.
While not identical per se, BTC completed a similar retest at the start of the previous bull run, where it retested the resistance of the $1,300 all-time high as support before rallying higher.
Should history repeat, BTC will not begin its bull run after it prints a clean bounce off current price levels:
Chart of Bitcoin's macro price action with a fractal analysis by crypto trader and chartist "Nunya Bizniz" (@Pladizow on Twitter). Chart from TradingView.com
Not Entirely Unlikely: BTC’s Macro Chart Structure Remains Bullish
Corroborating this sentiment that BTC is on the verge of a macro upswing is other analyses of the cryptocurrency’s macro price action.
One trader recently shared this chart below. It shows that Bitcoin’s recent price action is actually a clear retest of a macro support level, not a bearish breakdown as many have noted:
Chart of Bitcoin's macro price action with analysis by crypto trader HornHairs (@CryptoHornHairs on Twitter). Chart from TradingView.com
The fundamentals of the industry remain positive. For one, Fidelity Investments was recently revealed to have begun work on a Bitcoin fund focused on offering BTC exposure to institutional clients.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Looks Exactly Like It Did Prior to the 2016-2017 Explosion
Originally from Bitcoinist.com https://ift.tt/32Y4q0V
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