If Bitcoin's eight percent drop that took place on Jan. 19 wasn't depressing enough for the bulls, there is still another chart that could make them postpone buying a Lambo this year.
Cryptocurrency trader NebraskanGooner has noticed that Bitcoin's current price action is uncannily similar to the 2014 bear market in which BTC tanked from $931 to just $310 dollars in the span of one year.
The bears could remain in control
If Bitcoin follows the same pattern this year, its price could drop below $4,000 by November, which could be a huge slap in the face for those who believe that the forthcoming halving event could potentially propel the BTC price to a new all-time high this year.
Notably, Nebraskan Gooner published his fractal analysis that compares these two time periods on Sept. 20, right before the BTC price dropped by more than 20 percent on Sept. 25. Even though Bitcoin never tanked below $6,000 (the bottom was in at $6,400), those who followed this chart could have accurately predicted Bitcoin's price moves in Q4.
However, the big difference is that the 2014 bear market came two years before the previous halving that famously kickstarted a new bull market in 2016. It seems unlikely that BTC would hit a snag once again in 2020 after a two-year bear market.
An uber-bullish scenario
As reported by U.Today, trader "masterluc", the man, the myth, the legend who has accurately predicted all Bitcoin cycles since 2013, expects the price of Bitcoin to reach up to $70,000 in 2020. As the chart below shows, he did call the correction to the $6,400 level that took place in December.
Fundstrat's Tom Lee is also certain that 2020 could be an even better year for Bitcoin than 2019. During his interview with Yahoo! Finance, he explained that geopolitical issues coupled with the halving and institutional adoption present a major bull case for BTC.