With the cryptocurrency market still in limbo and Bitcoin (BTC) struggling to reclaim the $20,000 mark that many have been eyeing for the past few weeks, there may be more bad news in store for the biggest cryptocurrency.
Specifically, the Technical Analysis (TA) indicator is showing a bearish triangle pattern similar to what Bitcoin showed during the 2018 bear market crash, as noted before. cipher sun moonAnalyst on the cryptanalysis platform CryptoQuant On October 19.
To take the point home, the analyst posted a chart showing these similarities, adding that there are two contributing factors to consider when observing such behavior:
“The long-term movement of bitcoin holdings has decreased, and price volatility has become very low.”
Additionally, if the current descending triangle pattern continues for bitcoin’s movements, in addition to breaking away from support, the analyst expects that:
“If the current descending triangle pattern completes and the price deviates from the support line, there is a chance of a final collapse in the bear market.”
More bleak prospects
Earlier, the 3-day Bitcoin Relative Strength Index (RSI) showed a bullish pattern that, along with the price action at that time, indicated strong selling pressure on the number one cryptocurrency.
Meanwhile, crypto trader and analyst Josh Rager identified a so-called “rebounding ball pattern” in the course of the rally, in which he expressed pessimism and said that it “never ends well,” as Coinphone previously reported.
Not all analysts agree
However, the TA index is shared by the aliased crypto-analyzer mustache He indicates that Bitcoin could be well positioned to the upside, adding to his earlier prediction that Bitcoin will “surprise everyone soon.”
In addition, the social media giant Meta Platforms (NASDAQ: META) and banking giant JPMorgan (NYSE: JPM), which control market capitalizations of $360.58 billion and $349.31 billion, respectively, have dwarfed the market capitalization of Bitcoin.
As it stands, the market capitalization of Bitcoin at the time of writing is $368.21 billion, with the leading digital asset priced at $19,194 without any significant change in recent weeks.
Its current price is a drop of 1.98% in the past 24 hours, but it is still up 0.29% in the previous seven days, according to CoinMarketCap Data retrieved October 19.
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Bitcoin’s descending triangle is similar to the post 2018 bear market crash; More pain on the horizon? It first appeared on Coinphony.