Julien Bittel, head of macro research at Global Macro Investor (GMI), noted that this year's bitcoin price structure resembles the one seen in 2019.
Similarity to 2019 Structure
According to Bittel, this year's bitcoin price structure is starting to eerily resemble 2019. At that time, the leading cryptocurrency by market cap was in a consolidation phase. "This year’s Bitcoin price structure is starting to look eerily similar to 2019...Take a close look at the chart – it’s almost a perfect fractal of what we saw back then. Bitcoin has been stuck in a consolidation phase, and interestingly, just like in 2019, this consolidation...", Bittel wrote on his Twitter.
Important Week Ahead
Bittel added that the next week could be extremely important for the leading cryptocurrency. All eyes will be on how Bitcoin reacts as it hits this potential inflection point: will it follow the 2019 script or will we see a deviation this time around? If this fractal holds, the leading cryptocurrency could experience significant upside momentum in the near future.
Bitcoin's Recent Crash
On September 6, the price of Bitcoin collapsed to $52,546, the lowest level since early August. The crash came after the most recent U.S. jobs report that failed to provide definite clues about the size of the upcoming rate cut. Despite a slight increase immediately after the data was published, the cryptocurrency ended up plunging together with tech stocks. As of press time, Bitcoin is trading at $54,584 on the Bitstamp exchange, having pared some losses.
The leading cryptocurrency is at a crucial juncture that could potentially lead to significant market movements.
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