Several well-known cryptocurrency traders and analysts immediately expressed the same idea regarding the movement of Bitcoin price in their Twitter accounts.
Bitcoin price will act the same?
More than two weeks have passed since the Bitcoin price dropped from $9,600 to $8,300; BTC has settled itself in the $8,000- $8,600 corridor. However, the community is expecting the growth of main cryptocurrency and popular analysts agreed that the compressed fractal can signal that Bitcoin has reached the new bottom.
A crypto analyst with the nickname The Crypto Monk compared the fractal in November 2018 to nowadays. Then Bitcoin fell from $6,000 to $3,000, after which the price was sideways for a long time, followed by explosive growth. His idea was supported by another analyst with the nickname CryptoDamus.
More thoughts on BTC
Popular trader Josh Rager expressed a similar idea. He believes that this time the market will not be in a sideways movement for as long as it was a year ago.
$BTC - Fractal Fun— Josh Rager 📈 (@Josh_Rager) October 13, 2019
Aren't exactly the same but quite similar price action after the previous capitulation before the market bottom
My guess is some more market sideways but not nearly as long
Isn't it hard to believe that the capitulation from $6k to $3k was almost a year ago pic.twitter.com/YvIiMYYhbc
Earlier, U.Today wrote that after an unsuccessful test of the $8800 mark, the price of Bitcoin may return to $8000. Therefore, this scenario should also be taken into account.
What do you think about the price movement of the BTC? Leave your thought in the comment section!