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

Other news

Fomo App Overtakes Pumpfun in 24-Hour Revenue Surge

chest

Fomo app has surpassed Pumpfun in 24-hour protocol revenue, generating $14 million in fees.

user avatarAyman Ben Youssef

New Report Released Based on Sec's Information

chest

A report has been generated based on the information released by Sec. This release aims to inform the public and increase awareness of the information provided by Sec.

user avatarTando Nkube

Bitcoin Market Dynamics Amid Iran-Israel Conflict

chest

Bitcoin's market behavior has shifted as investors seek stability during the Iran-Israel conflict.

user avatarKofi Adjeman

Iran Conflict Drives Capital into Digital Assets

chest

The ongoing conflict in Iran is leading to increased investment in digital assets as a means of wealth preservation.

user avatarNguyen Van Long

Web3 Emphasizes Editorial Integrity in New Report

chest

Web3 has published a report that emphasizes its strict editorial policy, focusing on accuracy, relevance, and impartiality.

user avatarSatoshi Nakamura

Farside Implements a Strict Editorial Policy.

chest

Farside has announced a strict editorial policy that focuses on accuracy, relevance, and impartiality.

user avatarJesper Sørensen

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.