{"id":418796,"date":"2020-03-21T07:17:16","date_gmt":"2020-03-21T07:17:16","guid":{"rendered":"https:\/\/wncen.com\/?p=418796"},"modified":"2024-06-11T10:55:03","modified_gmt":"2024-06-11T10:55:03","slug":"bitcoin-printed-pattern-prior-2019s-explosion-to-14000-its-back","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-printed-pattern-prior-2019s-explosion-to-14000-its-back\/","title":{"rendered":"Bitcoin Printed This Exact Pattern Prior to 2019’s Explosion to $14,000. It’s Back"},"content":{"rendered":"
On April 1st, 2019, after a brutal Bitcoin bear market that brought the cryptocurrency down by 80% and more, something changed: BTC saw “fireworks” as the price exploded 25% in a single day<\/a>, marking one of the largest moves for the asset in its short but storied history.<\/p>\n At first, many laughed it off as pure manipulation, suggesting it was a false rally that would end in Bitcoin falling back to the bear market lows. But, in a now-famous tweet<\/a>, cryptocurrency trader B.Biddles (handle @Thalamu_ on Twitter) remarked that the price action from late-2018 to the 25% gain formed a literal “textbook BARR bottom.”<\/a><\/p>\n https:\/\/twitter.com\/thalamu_\/status\/79598336<\/p>\n What exactly he was referring to was a bump-and-run-reversal \u2014 hence BARR<\/em> bottom \u2014 bottom in the book “Encyclopedia of Chart Patterns.” This pattern is marked by a number of price trends: 1) a downtrend that leads into a massive, vertical sell-off; 2) a bottoming pattern that sees prices consolidate for as long as the aforementioned downtrend; 3) a rally past the downtrend line formed in 1); and 4) a throwback to the trendline before a surge higher that leaves the bottom far behind.<\/p>\n B.Biddles’ analysis was proven right just weeks after he posted the above message, as Bitcoin began a rally that brought it as high as $14,000<\/a> just two months after his analysis.<\/p>\n As unorthodox as this pattern may seem, Bitcoin’s recent price action is forming the exact same pattern. And that’s huge for the cryptocurrency.<\/p>\nKey Bitcoin Bottom Pattern is Forming Again<\/h2>\n