More Blood Incoming? Bitcoin Charts Similar Crash Pattern as in 2018’s Bear Market

Bitcoin’s price remains in limbo once more, unable make a decisive move either way. As volatility decreases, volume drops across the board.

However, the most recent price action has created a popular pattern, one that was also present during the bear market in 2018.

Bitcoin Price: More Pain?

An analyst at CryptoQuant claims that the BTC price has a similar technical pattern as in the 2018 bear market.

Other conditions are also quite similar, such as declining volume or volatility.

Long-term bitcoins are now less volatile and have a decreased movement.

There is a chance of a final crash in the bear markets if the current descending triangle pattern is complete and the price moves away from the support line.

Source: CryptoQuant

Bitcoin’s price was trading at $19,000 as of the time this article was written. The price fell from yesterday’s peak at $19,700 but failed to breach the $20K resistance.

BTC Ready for an Explosive Move

Glassnode, another popular analytics resource, stated that Bitcoin’s market is set up for an outburst, and that it is currently in a state that resembles a “coiled spring.”

There were many reasons that led to this conclusion.

Bitcoin price consolidation continuesWeekly SOPR approaches breakeven valuesOffer-chain volatility brewing

It is also more likely that Bitcoin’s volatility will increase because Bitcoin’s price trades close to $20K.

The analytics resource could not provide a direction prediction and argued that the market can change in any direction.

AlternativeMe reports that the BTC market sentiment is still in an extreme state. Although it has seen some improvement in the last few days, it is still close to the cycle’s lowests when zoomed to a 1-year view of the chart.

Source: AlternativeMe

More Blood incoming? CryptoPotato: Bitcoin Charts Show a Similar Crash Pattern to 2018’s Bear Market

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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