According to a cryptocurrency trader, the price chart of Bitcoin is starting to mimic the pattern it followed when it reached its previous cycle's historical high of $69,000 in November 2021.
However, other traders believe that with the increasing demand for Bitcoin (BTC) from cryptocurrency financial companies, the chart no longer tells the whole story.
Technical analysts often compare Bitcoin's price charts with similar patterns from past cycles to determine price tops, selling opportunities, and when funds might flow into other assets.
"Has anyone noticed that the price movement at the top in 2021 is exactly the same as the current movement?" cryptocurrency trader Nebraskangooner posted on the X platform on Thursday, accompanied by a chart showing a suspected double top pattern; this pattern is typically considered a bearish signal, indicating that a trend may be about to reverse.
Crypto analyst Benjamin Cowen agreed with this view, suggesting that Bitcoin's chart follows the same pattern every halving.
"Up in July-August, down in September, into the top of this cycle in the fourth quarter, then into a bear market," he said.
However, cryptocurrency trader Kale Abe believes that Nebraskangooner's view is "another example of how price charts and fractals are actually not important."
"The only thing that matters is whether the holding companies still have funds," Kale Abe stated. BitcoinTreasuries.Net data shows that publicly listed companies holding Bitcoin have accumulated a total of $150.98 billion worth of Bitcoin.
Abe also doubts that Bitcoin will "enter a bear market" because Ethereum (ETH) is approaching its historical high. "It's impossible," he said. Ethereum has risen 19% in the past week, currently priced at $4,612, just about 5.75% away from its historical high of $4,878 in 2021.
A few weeks ago, veteran trader Peter Brandt stated in an interview with Cointelegraph Magazine: "Anyone looking at price charts and trying to tell you the direction of the market is actually deceiving themselves."
Brandt believes that the only practical function of price charts is to present the historical trajectory of prices and their current position.
Related: The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has once again sanctioned cryptocurrency exchange Garantex.
Original article: “Bitcoin (BTC) Price Chart Similar to 2021 High: Will History Repeat Itself?”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
