Around 12 hours ago as of the time of this article’s publishing, Bitcoin (BTC) closed its weekly candle. Arguably, it was bullish, for over the past seven days, the leading cryptocurrency has lept from $7,300 to as high as $8,450, marking a surge of 15%.<\/p>\n
Despite this strong performance, two analysts have noted that the weekly candle may actually imply that Bitcoin is on the verge of collapse once again, and may potentially to fall back to the $6,000s as a result.<\/p>\n
From an entirely objective point of view, Bitcoin’s weekly close was bullish; the cryptocurrency on a weekly basis regained the key support of $8,000, managing to put in a higher high, and thus setting the stage for a further uptrend.<\/p>\n
But, as noted<\/a> by prominent cryptocurrency trader Thrillmex, the recent price action and the narrative surrounding it is very similar to when “BTC pumped on a Chinese blockchain endorsement from their president.”<\/p>\n This was effectively echoed by another popular trader, CryptoISO, who wrote in his own tweet that the “The weekly candle before the China pump looked the same [as the current].”<\/p>\n While seemingly just a casual and innocent observation, this similarity is pertinent.<\/p>\n $BTC<\/a> fractal overlaid.<\/p>\n Short next re-test of weekly open if we drop from this level. pic.twitter.com\/QN2Eu57xIB<\/a><\/p>\n — C\u00e6sar (@PARABOLIT) January 13, 2020<\/a><\/p><\/blockquote>\n\n