Analyst: Bitcoin (BTC) At $3,000 Looks “Symmetrical” To $20,000 Top, Reversal Possible
Crypto Analyst: Bitcoin Chart Resembles $20,000 Top
Bitcoin Bravado trader, Jack “Sparrow,” recently took to his Twitter page to tout a recent bit of analysis he completed that could indicate that the broader crypto market is finally nearing a bottom. Jack, asking if Bitcoin has begun to reverse, noted that BTC’s current inverted chart is reminiscent of the asset’s $20,000 all-time high, which was established in late-December 2017.
While he didn’t explicitly state that the flagship cryptocurrency has definitively bottomed near $3,000, he depicted two flag patterns on the current chart, along with one from yesteryear, to show that BTC could begin to show signs of life in upcoming months.
In another optimistic tweet, Jack laid out a thesis for BTC’s long-term market cycles, drawing attention to halving dates and the trends that have seemingly spawned from these pertinent industry occurrences. The prominent trader noted that there’s a pseudo-inevitability to Bitcoin’s long-term price action, noting that certain technical measures and levels are breached in the asset’s block halving-induced cycles.
In previous pre-halving bear markets, BTC found a bottom between 58.7% to 70% of the way to the issuance reduction. Right now, BTC is 62.4% the way to its next halving (time-wise). And if history is any indicator, that means that the asset could finally find a long-term floor in the coming months, if not weeks.
Jack isn’t the only one to be eagerly awaiting the arrival of the next Bitcoin block reward halving. Per previous reports from Ethereum World News, claimed that the fact that BTC barely moved off VanEck, CBOE, and SolidX’s ETF withdrawal indicates that a bottom is festering. Moreover, Overlord went on to cite historical analysis to express that “Bitcoin has traditionally started pumping around one year on average before it’s halving date.” And as the next issuance shift is slated to occur during May 2020, BTC could begin trending higher in May.
Again, Overlord and Jack weren’t alone in their optimism that preceded the looming halving. Trader Jones, Crypto Moustache, and Dennis Parker, three industry commentators, also recently took to their respective Twitter feeds to claim that the impending halving has accentuated in their minds that the crypto market’s prospects have begun to look up again.
While Bitcoin Jack, Moon Overlord, and some of their peers are adamant that a bottom could be inbound, some have begged to differ, with a fiery passion no less.
Crypto Bears Are Still Bears
Per previous reports from Ethereum World News, Vinny Lingham, the chief executive of Civil, a partner at Multicoin, and a financier on South Africa’s installment of “Shark Tank,” has been an overt advocate for the idea that lower lows are inbound for this nascent market.
Speaking to CoinTelegraph’s video team, Lingham once claimed that “things will get worse before they get better,” adding that the value of Bitcoin was likely to fall under the ever important $3,000 level. And in response to a piece of insight that BTC’s $3,300 level is of utmost importance, citing the asset’s one-week 200 moving average, Lingham most recently remarked that if the foremost crypto falls under $3,000, which is regarded as a level of utmost importance, the current “crypto winter” will become a “crypto nuclear winter.”
The Civic chief isn’t the only industry insider to be questionable of Bitcoin’s current ability to head higher. In a statement given to MarketWatch, Charles Hayter, co-founder of CryptoCompare, noted that there are currently no catalysts to push the asset higher, adding that the macro backdrop and ETF decision has “dampened enthusiasm.”