All throughout the tail end of 2019, as Bitcoin’s parabolic rally came to an end and the asset fell back into a six-month-long downtrend, the price action was so similar to the run-up to the 2017 all-time high, that the rally has been dubbed a “textbook echo bubble.”
Now, the recent bullish trend is showing similarities once again to the 2017 rally, suggesting that the downtrend could be over. At the same time, Bitcoin is forming yet another echo bubble-like fractal that could cause the asset to reach new highs.
Third Time’s The Charm: Is Bitcoin’s Echo Bubble Repeating Again?
Bitcoin is looking bullish once again, this time being dragged upward by the exploding altcoin market. In the past, alts capitulating en masse was said to be the cause for Bitcoin’s failure to reach a new all-time high.
Related Reading | How Bitcoin’s Recent Downtrend Could Have Tripled Your BTC Stack
The price action taking place currently, however, is showing an incredible resemblance to not only Bitcoin’s parabolic rally in 2019, but also the crypto bubble bull run the took the price of the first-ever cryptocurrency to its all-time high of $20,000.
Looking back at the price action taking place during 2017, the pattern very closely mimics the price action from the 2019 parabolic rally. It was this rally that put Bitcoin on the map and brought it into the public eye as a household name.
Overlaying the price action over the 2019 rally shows many similarities, as the image above depicts.
It was the 2019 parabolic rally that’s been dubbed an “echo bubble” by former IMF economist Mark Dow. Dow famously shorted Bitcoin’s top and rode it down to the bottom.
The most recent bull trend, however, is yet again showing similarities to both the April 2019 to June 2019 rally and the epic bull market of 2017.
By overlaying the price action from the 2019 parabolic rally over the current bullish trend, it yet again matches up eerily well.
But Wait, There’s Even More Similarities Between Each Fractal
Still not convinced by the similarities? When adding a long-term uptrend channel to price charts, and Bitcoin’s two recent downtrends, the uptrend channel could be viewed as a mean line. Each time Bitcoin corrects after a parabolic rally, it returns to the mean line before it repeats the process yet again.
Taking things a step further, applying horizontal resistance and support levels to the fractal match up extremely well with tests of the same support and resistance at the peak of the past two parabolic rallies.
Technical analysis isn’t cut and dry, and often is clouded by an analyst’s personal bias.
However, looking at the comparisons, it’s difficult not to think that Bitcoin is about to rally once again. And with the halving coming in the months ahead, there’s even a catalyst for another bull run.
Related Reading | Only 120 Days Remain Until Bitcoin’s Halving; Here’s What to Expect
It’s worth pointing out, however, the third echo-bubble fractal, if it plays out exactly the same yet again, Bitcoin would fall short of setting a new high. The cryptocurrency would also instead be stuck within the same trading ranges we’ve spent much of 2019 in.
But if during the process Bitcoin can break above $14,000, a new all-time high will surely be right around the corner.
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Analysts expect the 2017 bull rally to occur again as Cardano (ADA) and XRP prepare themselves for the season. Both coins are gaining support and are increasing the probability of new investors coming into their respective ecosystems.
On a macro scale, Bitcoin has yet to break out. Despite surging around 20% in the past 1. 5 months, the coin remains under crucial long-term resistances. One pivotal level analysts are looking towards is $14,000, as that’s where the 2019 rally topped and highs of December 2017 ended up at (monthly candle).
The privacy-focused cryptocurrency Zcash was among the top crypto assets at the peak of the crypto hype bubble in 2017 when feverish retail buying drove the price of the altcoin to as high as $850 at its record.
This morning, crypto Twitter lit up with discussion over an altcoin that was once buzzing during the 2017 crypto hype bubble went on a sudden rally against Bitcoin. Before the rally began to retrace, the pump saw a massive 50% gain against BTC in a single day, giving crypto investors who were around during the... The post appeared first on NewsBTC.
According to a recent statement by veteran trader Tone Vays, Bitcoin price is breaking one of its major supports, indicating that bad things are coming. Bitcoin price failed to impress in the second half of 2019, despite hopes that a late Q4 rally akin to 2017 might kick off.
Since Bitcoin hit its all-time high (ATH) in December 2017, cryptocurrency investors have been eagerly awaiting for a strong enough recovery to reach new highs. The momentum of the price rally in the summer is gone and investors look onward to the block reward halving for optimism.
Former Circle Head, Dan Matuszewski, now co-founder of trading firm, CMS Holdings, discusses Tether. In particular, why Tether was not the primary driving force behind 2017’s bitcoin bull run, and a declaration that Tether is one-to-one dollar-backed.
The Bitcoin market has recently surpassed the activity levels of late 2017, when BTC started its historical rally that shot prices to an all-time high above $19,900. Futures Markets Take Over Spot Trading This time, the BTC market has made a complete recovery from the low volumes in January.
While one whale probably did not manipulate the 2017 Bitcoin price rally to its all-time high, it is reasonably accepted that whales do have the power to manipulate the nascent Bitcoin market. For this reason, Twitter account Whale Alert’s co-founder, Frank Weert, feels that Bitcoin could benefit from a whale extinction.
As critics continue to cast doubt on a study that claims the price rally of 2017 was created by a lone whale, a report from a dedicated group of whale watchers evaluates the real impact of big traders.
John Griffin and Amin Shams, two well-known forensic researchers, have built on their previous research which accused Tether (USDT) of single-handedly causing the 2017 bitcoin rally. According to research shared with Bloomberg, the two have found that when BTC decreased in a certain increment on Bitfinex, one single whale exerted enough orderbook pressure to flipRead MoreRead More.
Crypto commenters have torn into a new research paper alleging a single whale caused bitcoin’s 2017 price rally. The paper, reported prominently in Bloomberg and the Wall Street Journal, has been criticized for failing to understand that mass inflows of tether (USDT) to the cryptoconomy are not indicative of a single source accounting for all […]
The post Critics Savage Research Paper Alleging Lone Whale Caused Bitcoin’s 2017 Rally appeared first on Bitcoin News.
Last year, two academics concluded that the Bitcoin rally in 2017, when the cryptocurrency hit the all-time high, was caused by manipulation. Now the research authors figured out that the surge was likely caused by a single entity.
For most of its short life Bitcoin has been a plaything for computer geeks and largely ignored by banks and governments. That all changed in late 2017 when an epic rally sent prices soaring to new peaks.
2019 has been the year of Bitcoin, while altcoins like Ethereum, Ripple, Litecoin, and others have continued to suffer and fall further from their all-time high prices set back at the height of the crypto hype bubble in late 2017 and early 2018.
All’s well that end’s well. The US stock market seemed to have followed the message in spirit as it started the week and ended the month today on a ‘green note’. And speaking of green, greenback, the US dollar hit its highest level since 2017.
The Stellar Development Foundation has made significant steps in facilitating the adoption of XLM. And, the price of the coin has reached levels not seen since 2017 with significant volume behind it.
It seems like a lifetime ago that the Bitcoin price grazed the $20,000 mark in late 2017, and bulls have been pining for a new breakneck rally ever since. According to Fundstart Global Advisors co-founder Tom Lee, the catalyst for BTC’s march to a new all-time high could come from an unlikely place: the stock […]
The post Want Bitcoin to Moon? You’d Better Start Buying Stocks appeared first on CCN.com
If re-election is the aim of Donald Trump, then owning the stock market rally of 2017 may be his biggest blunder yet. Historically, presidents of all persuasions have avoided taking credit for Wall Street’s gains because they don’t want to be weighed down by its declines.
Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day. Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours.
In December 2017, Bitcoin hit its all-time high of $20,000. In December 2018, it touched its bottom at $3,200, before going on the parabolic rally that brought us to the price point where are right now – a critical junction that either takes us into a reaccumulation phase, or Bitcoin goes on to set a.
While most market participants predict Bitcoin tothemoon, Charlie Lee again, like Cassandra, promises a market crash. This could be attributed to attempts to stand out from the mass of experts. But Charlie Lee had already predicted collapse.
Bitcoin recorded 5 consecutive green monthly candles, which has had some investors believe that the bull rally has begun, as the same was observed during the rally of 2017. Bitcoin hit a ceiling on June 26 and has been on a correction since then.
Bitcoin seems to be pulling a Usain Bolt; not in price, but with regard to mining difficulty. As the price hovers just below the $13,000 mark, less than a thousand dollars behind its yearly high, the fundamentals of the coin are on the up-and-up.
After a prolonged crypto-winter and subsequent Bitcoin rallies, much of the community is anticipating an altcoin season. However, crypto-traders and analysts speculate that the lack of an altcoin season so far has to do with a growing interest in initial exchange offerings [IEOs].
Thanksgiving dinner or Christmas, there is always an awkward conversation and more often than not, we have heated arguments about politics, religion, etc. The season may bring out the worst in people, however, Bitcoin seems to enjoy the holidays.
The price of bitcoin (BTC) is going down despite registering its most incredible quarter performance since December 2017. The BTC-to-dollar instrument was trading at $10,875 on Monday, 07:50 UTC, down more than 8.
Bitcoin broke above the $10,000 milestone, and just as Fundstrat Global CEO Thomas Lee predicted, investors seem to be entering a “FOMO” phase that could take BTC into a massive rally similar to what happened in the 2017 bull market.
The bitcoin price carved out a new 2019 high on Sunday, piercing above $11,200. The parabolic rally marks a 250 percent recovery from the lows of October 2018. But this price rally is missing one thing: retail investors.
The bitcoin price carved out a new 2019 high on Sunday, piercing above $11,200. The parabolic rally marks a 250 percent recovery from the lows of October 2018. But this price rally is missing one thing: retail investors.
Grayscale, the world’s largest cryptoassets management company, released a report for Q1 2019. The company announced that it has $ 1. 2 billion assets under management (AUM). And the report confirms that an increasing number of institutional investors are “entering cryptospace”.
Bitcoin is currently hovering around $7900 and $8100. Moments like this come with a lot of memories since it once reached this price height in 2017. There is an interesting characteristic between the current price height and the 2017 famous Bitcoin rally, and this article will introduce readers to a few of them.
Bitcoin Yet To Fulfill Bull Market ‘Requirement’ Despite what some think, the Bitcoin (BTC) rally of 2017 wasn’t without its hitches. Over the course of the monumental year, during which BTC rose from irrelevance at.
Could Bitcoin’s 2019 Rally be a Tiny Version of 2017’s Bull Run? In the past 24 hours, Bitcoin has dropped down from $8,735 to $7,735 level. However, it did manage to recover some and trading at $7,956 with 24-hours loss of 7.
Since its third major surge of the now two month old Bitcoin rally, the king of crypto has held on to all of its gains. Support and resistance zones have shifted to new higher levels and the chart, when zoomed out, looks unnaturally parabolic, remnant of the December 2017 one.
Read any crypto Twitter feed or sub-reddit; bullish sentiment is in the air. The rally that began with a slow start in February and turned Bitcoin price into a jet-fueled rocket in April has reignited the excitement and irrational exuberance that once took the world by storm at the end of 2017.
The first half of 2019 thus far has proven to be the perfect example of a market cycle flipping from bear to bull, complete with a disbelief rally that ended up being the real thing, taking the price of Bitcoin close to $10,000 – a significant number for the crypto that spent 2017 in the.
A recent study by JP Morgan reveals that bitcoin’s recent price pump has caused the coin to surpass its intrinsic value. Per a report on Bloomberg, March 20, 2019, the strategists, however, warn that the BTC price surge echoes 2017’s bull rally which saw the market crash afterward.
The world’s largest cryptocurrency has surged beyond its “intrinsic value,” mirroring a similar move in 2017 which preceded the industry’s biggest slump, JPMorgan Chase strategists wrote in a note on Friday.
The recent price rally for Bitcoin and cryptocurrency has a number of analysts and investors scratching their head and asking the question: what’s different between now and 2017? While coin prices fell through the majority.
By CCN: JPMorgan doesn’t love bitcoin. The bank – the United States’ biggest financial institution by assets – has been historically pessimistic about the flagship cryptocurrency, so just when bitcoin prices started going through the roof, it decided to crash the party with a dire warning.
Banking behemoth JP Morgan Chase & Co. has taken another shot at Bitcoin, claiming the cryptocurrency‘s latest rally has pushed its price beyond its “intrinsic value. ” “Over the past few days, the actual price has moved sharply over marginal cost,” JPMorgan analysts wrote in a note obtained by Bloomberg.
Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.
JPMorgan strategists claim that bitcoin’s new rally has reproduced a pattern from its historic 2017 performance and ostensibly soared past what they judge to be its intrinsic value
Ethereum price over the last couple of years has outperformed even Bitcoin’s, making it the most bullish cryptocurrency among the top three assets. But a fractal brewing in the altcoin could make for an incredibly bearish outcome if history repeats.
Once Bitcoin finally began to cool off, capital began to flow into Ethereum causing an enormous breakout. The rapid rise took the altcoin to an over 50% increase in just two days, but a selloff stopped the token’s booming trend in its tracks.
Ethereum is preparing for another massive breakout, according to a fractal analysis by a cryptocurrency trader. This comes after ETH underwent a strong drop on Friday, responding to a drop in the value of gold and U.
Ethereum has seen an explosive price performance over the past three weeks. In the span of just around 20 days, the asset has surged from $245 to a local high of $415. As of the time of this article’s writing, the leading cryptocurrency trades hands for $394 — just shy of the pivotal $400 resistance. […]
It’s been an extremely explosive past few weeks for Ethereum. The second-largest cryptocurrency is up more than 170% from the March lows of ~$88. This is a performance that has allowed it to outperform basically any other investable/public asset worth $10 billion or more, even Bitcoin.
Over the past week, Bitcoin (BTC) has started to show signs of weakness after a 40% uptrend in a month. Since establishing a $9,200 multi-month around seven days ago, the price of the leading digital asset has plummeted by 11% to $8,200, where it trades as of the time of writing this.
