After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 earlier Friday morning. Some fear that this hesitance around the key resistance of $10,000 is indicative of BTC returning to a bear trend.
An analysis by a popular trader, however, indicates that the ongoing Bitcoin price action is looking much like it did prior to BTC rallying from $500 to $20,000 over the span of a year and a half.
Bitcoin Looks Much Like It Did Near 2015’s Bottom
According to a crypto trader, his fractal analysis algorithm indicates that Bitcoin’s price action from November until now is currently 76% similar to the price action seen near the 2015 macro bottom around $200.
Bitcoin fractal analysis by trader Polar Hunt (@Polar_Hunt on Twitter) indicating that the ongoing price action is…
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