Bitcoin is once again dropping after nearing a new all-time high. Current charts bear a striking resemblance to those of November 2021, raising concerns about a potential trend reversal. What are the experts saying ?
Bitcoin has fallen again after reaching a record of $124,500 US. At the time of writing, it’s trading around $119,000 US, and the bulls have once again lost ground. According to one analyst, Bitcoin’s current chart bears a striking resemblance to November 2021, suggesting that the price may be approaching a peak.
“Has anyone else noticed that the price action that led Bitcoin to a peak in 2021 looks exactly like the current action ?”
Asks renowned trader Nebraskangooner. Similar to 2021, Bitcoin appears to be heading toward a double top, a signal often interpreted by traders as bearish, signaling a possible trend reversal.
Popular analyst Benjamin Cowen shares this view, emphasizing that Bitcoin charts almost always follow the same pattern after a halving : Uptrend in July and August, decline in September, cycle peak in the fourth quarter, followed by a bear market.
Not everyone agrees with Nebraskangooner and Cowen. Many believe that chart patterns and fractals don’t always predict market movements. According to analyst Kale Abe, what really matters are the companies buying Bitcoin and available liquidity.
Market legend Peter Brandt goes further : Charts only serve to observe prices, not to predict them. Time will tell whether Bitcoin repeats the 2021 pattern or has surprises in store, but it remains essential to monitor market movements to make informed decisions.
Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.
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