Bitcoin's Price Structure: Similarity to 2019

by Giorgi Kostiuk

2 years ago

Made with AI

Similarity to 2019 Structure
Important Week Ahead
Bitcoin's Recent Crash

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.

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.Julien Bittel, CFA

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.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Analysts Predict Bitcoin Surge Could Benefit Shiba Inu

Wall Street analysts predict that Bitcoin could reach 100,000 by the end of the year, which may positively impact Shiba Inu's price.

Zainab Kamara5 hours ago

Shiba Inu SHIB Faces Price Correction After Brief Recovery

Shiba Inu's price briefly reclaimed the 0000006 level but has since dipped to 0000005, indicating potential for further decline.

Son Min-ho5 hours ago

OpenAI Launches New Agentic Browser Feature for ChatGPT Work

OpenAI has launched a new agentic browser feature in ChatGPT Work, allowing the AI to manage tasks on login-protected sites while maintaining session persistence.

Ayman Ben Youssef2 days ago

Surge in AI-Generated Vulnerabilities Threatens Bitcoin Security

The Bitcoin Red Team reports a surge in AI-assisted vulnerability findings across Bitcoin projects, highlighting the urgency of addressing security flaws.

Tando Nkube2 days ago

Core Lightning Developers Issue Urgent Warning on Vulnerabilities

Core Lightning developers issue critical warning to node operators about vulnerabilities in AI-generated security reports, urging prompt updates or offline operation to secure payment channels.