Bitcoin saw its price plummet in recent days as another rejection took place on the $ 12,000 resistance. Bitcoin price is around $ 10,200 at the time of writing. Despite the price decline, there is hope. One analyst noted that the BTC chart is similar to the chart when it started the exponential rally of 2016-2017.
If history repeats itself, Bitcoin is set to rise soon
The Bitcoin chart has yet to close above or below critical levels, but traders are keeping a close eye on the chart. An analyst says that the recent fall in Bitcoin’s price is actually not that strange. He notes that from a macro perspective, BTC actually looks exactly like the start of the exponential rally of 2016-2017. Other analysts also say that despite the recent price drop, the Bitcoin looks positive.
Bitcoin is poised to start a macro rally from here if history repeats itself. The chart below shows that Bitcoin is about to overcome a crucial downtrend that has been getting in the way since 2017.
Bitcoin completed a similar retest at the beginning of the previous bull run. In doing so, it re-tested the resistance from the USD 1,300 all-time high to support the rally.
The structure remains bullish
That BTC is at the beginning of a macro recovery is confirmed by other analyzes.
An analyst recently shared the chart below. This shows that Bitcoin’s recent price action is actually a clear retest of a macro support level, and thus not a bearish breakdown.
“BTC funding and premium index hit their lowest level since March 19th. But this time we are again testing a multi-year S / R level with a confirmed bullish break in MS up to the monthly chart. ”
The fundamentals of the industry remain positive. It was recently revealed that Fidelity Investments has begun work on a Bitcoin fund focused on offering BTC to institutional clients.
–
:quality(80)/cdn-kiosk-api.telegraaf.nl/9b507782-ef98-11ea-b289-0218eaf05005.jpg "Eva Longoria: women have a harder time than men during corona crisis | Entertainment")