Bitcoin's Price Structure: Similarity to 2019

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Similarity to 2019 Structure
  2. Important Week Ahead
  3. Bitcoin's Recent Crash


    4. 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 Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

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

Other news

Jay Clayton Transitions from Crypto Regulation to AI Leadership

Jay Clayton transitions from regulating cryptocurrency to leading U.S. government's AI initiatives.

user avatarDavid Robinson

Trump Launches New Task Force to Lead in Artificial Intelligence

President Trump has announced the creation of a Super Intelligence Force to coordinate federal efforts in maintaining U.S. leadership in artificial intelligence.

user avatarAndrew Smith

Getty Images Stock Trading Suspended by NYSE

The New York Stock Exchange has suspended trading of Getty Images stock as of September 29, 2023, due to the company's ongoing financial issues and significant debt.

user avatarJacob Williams

Getty Images Faces Bankruptcy Risks Amid Rescue Financing Talks

Getty Images is in confidential discussions with lenders for a rescue financing deal, which may lead to bankruptcy and a lender takeover.

user avatarZainab Kamara

Tavus Launches Griffin, a Revolutionary AI for Human Interaction

Tavus introduces Griffin, an AI model that convincingly simulates human conversation during live video calls.

user avatarAyman Ben Youssef

Griffin Outshines Previous AI Models in Live Conversation Tests

Griffin outperforms its predecessor GriffinLite and other AI models in live conversation tests.

user avatarSon Min-ho

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.