Crypto Market Analyst says: Actual Bitcoin Chart Similar to the $20,000 Chart Inverted
An interesting analysis has been posted today from Bitcoin Jack (BTC_JackSparrow) on Twitter. He posted two charts the ATH chart when bitcoin hit $20,000 in December 2017 and the actual chart inverted chart making a comparison between the two charts which look totally symmetrical.
$BTC reversal pattern?
This $3k bottom looks awfully symmetrical to the $20k top…
Just saying pic.twitter.com/sLfKQcsTZI
— Bitcoin Jack (@BTC_JackSparrow) January 29, 2019
In another bullish tweet, Jack noted the Bitcoin long term showcase cycles, underlining the halving dates which have been always positive for the bitcoin price. The crypto trader also noted that there’s a certainty to Bitcoin’s long haul price activity, taking note that technical analysis paters have been breached ahead to the next halving cycle.
$BTC Market Cycles Thesis
~4 year halving cycles
~200W MA support
~200W equals 4 Year MA give or take
~Previously bottom was in between 58.7% to 70% towards halving
~200W MA historical cycle support
~62.4% completedFood for thought. More in depth thesis explanation in chart. pic.twitter.com/UsWpdr5hlD
— Bitcoin Jack (@BTC_JackSparrow) January 29, 2019
Jack isn’t the only one being excited about the next bitcoin halving. Many crypto traders started expressing their optimism about the Bitcoin halving event. If history is an indicator then the cycle will repeat and bitcoin should be near the bottom and it is far from the reversal months or maybe just weeks. The bitcoin halving date is May 2020 so maybe we should see bitcoin moving upward in May 2019.
During the 2017 euphoria, the majority of people thought #bitcoin price is going above $100K.
Now that we’ve reach desperation, the majority thinks we’re going below $2K.
I think we’re all in for a big surprise once again. The majority always gets rekt. 🍻
— A v B ⚡ (@ArminVanBitcoin) January 29, 2019
While many crypto traders have expressed their opinion that bitcoin has already bottomed there are others that do not share the same enthusiasm.
An interesting tweet about how bitcoin may be affected from gold price posted from @Super_Crypto
Yes #Bitcoin is cheap now on. I will be buying all the way upto $1K. I KNOW this sounds contradictory
—
I #HODL below 3K, unless big rallies. I feel, ATH is YEARS away
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WARNING: If #Gold runs, Bankers will create another #FAKE rally in #BTC to bring Gold down. I’ll sell that.— Bitcoin, Gold, Silver & Geopolitics (@Super_Crypto) January 30, 2019
Other crypto bears think that a price decline under the $3,000 would open the door for more downside in the crypto markets. Trying to pick the exact bottom is a gambling game. Rather getting an average byy price would be more profitable in the long term.
I think people need to worry less about the exact bottom for #bitcoin and worry more about getting a good average price for their FIAT buys.
Buying once a week / twice a month / once a month during 2019 (especially the first half) will get you a great average $BTC price
(1/2)
— Moon Overlord (@MoonOverlord) January 26, 2019
Do you think we have hit the bottom or the bottom is not yet here?
Post your thoughts in the comments below.