Bitcoin’s Structure Looks Similar to 2019, Top Expert Claims

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As a seasoned analyst with over two decades of experience in the financial markets, I find Julien Bittel’s analogy between Bitcoin’s 2019 and 2024 price structures intriguing. My personal experience tells me that history often has a way of repeating itself, albeit not always perfectly. However, I must admit that I have seen more than a few instances where the market took an unexpected turn.

As a cryptocurrency investor, I find myself reflecting on Julien Bittel’s observation that Bitcoin‘s current structure bears resemblance to its behavior in 2019. This comparison stirs curiosity within me about what might unfold ahead in the market.

Back then, the leading cryptocurrency by market cap was stuck in “a consolidation range.”

This year’s Bitcoin pricing pattern is becoming strikingly reminiscent of 2019…

— Julien Bittel, CFA (@BittelJulien) September 7, 2024

So far, this consolidation phase has lasted exactly 175 days.

He noted that we’re getting close to a significant turning point, and progress might accelerate significantly from here.

Important week

Bittel has added that the next week could be extremely important for the leading cryptocurrency.

It’s uncertain if the top cryptocurrency will repeat its 2019 pattern in the year 2024.

Let’s closely watch Bitcoin’s response at this apparent turning point – will it stick to the pattern of 2019, or is there a change in the script this time?” (Bittel’s statement paraphrased)

If the pattern in this fractal remains stable, there’s a possibility that the top cryptocurrency might witness considerable upward price movement in the coming days.

Bitcoin’s most recent crash

On September 6th, the price of the primary cryptocurrency plummeted down to $52,546, which was its lowest point since early August.

After the latest U.S. employment report didn’t offer clear indications regarding the magnitude of the impending interest rate decrease, a drop occurred in the cryptocurrency market and tech stocks. Initially, there was a slight uptick following the data release, but it quickly declined thereafter.

Currently, the top cryptocurrency is being traded for approximately $54,584 on the Bitstamp platform, having slightly reduced in value from its previous price.

In my recent exploration of the cryptocurrency market, I’ve come across the cautious predictions made by renowned trader Peter Brandt regarding Bitcoin. He has expressed concerns about potential extended corrections in the market, suggesting that such fluctuations might inflict substantial emotional strain on investors.

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2024-09-08 14:11