Bitcoin Price Could See Another Major Rally if History Repeats Itself

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    Fractal analysis shows that the Bitcoin price could soon record another double-digit pump

Bitcoin Price Could See Another Major Rally if History Repeats Itself
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Contents

If history is any guide, Bitcoin could be gearing up for another major price rally, which would be similar to the one that took place at the beginning of April.  

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Another accumulation phase 

Cryptocurrency trader Cantering Clark has noticed an "uncanny" fractal resemblance between the current chart and the December bottom in 2018, which was followed by a monstrous bull run in Q2 2019.  

Bitcoin Price

His colleague Josh Rager points out that the top coin is currently in the accumulating stage, which is signposted by another boring period of price action. 

On Dec. 9, Bitcoin continues to trade within a very tight range, refusing to move the needle. At press time, Bitcoin is sitting at $7,515, CoinStats data shows. 

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Do or die 

As of now, this type of narrative is prevalent on crypto Twitter but not everyone is bullish.

According to a poll conducted by analyst Jacob Cantfield, 47 percent of all respondents believe that the current set-up will most likely lead to another massive breakdown. 

As reported by U.Today, trading legend Peter Brandt recently voiced his "immediately bullish" price prediction with a staggering $100,000 target for BTC. 

However, if the top cryptocurrency were to plunge to its December 2018 low, Brandt would consider this to be the point of capitulation when even the most raging bulls would panic and sell their coins. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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