{"id":394925,"date":"2019-09-03T12:00:24","date_gmt":"2019-09-03T12:00:24","guid":{"rendered":"https:\/\/ktsl888.com\/?p=394925"},"modified":"2024-06-11T08:26:01","modified_gmt":"2024-06-11T08:26:01","slug":"bitcoin-price-will-surge-to-11500-according-to-this-fractal-heres-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-will-surge-to-11500-according-to-this-fractal-heres-why\/","title":{"rendered":"Bitcoin Price Will Surge to $11,500 According to this Fractal; Here’s Why"},"content":{"rendered":"

Last week, Bitcoin (BTC)<\/a> plunged like a stone in water, falling through the $10,000, $9,800, and $9,500 price supports in rapid succession. But on Monday \u2014 Labor day for the U.S. and Canada \u2014 the cryptocurrency mounted a strong recovery, surging by 7% on the day.<\/p>\n

Related Reading: Buy Bitcoin: Legendary Hedge Fund Manager Bashes QE, Low Interest Rates<\/a><\/h6>\n

As of the time of writing this, Bitcoin is trading at $10,400. And, one fractal from a prominent analyst shows that the crypto’s bullish momentum won’t be letting up anytime soon. Let’s take a closer look.<\/p>\n

Bitcoin Fractal Implies Further 10% Rally Inbound<\/strong><\/h2>\n

Earlier Monday, this writer posted an article<\/a> about Bitcoin’s price jump with the image below.<\/p>\n

<\/p>\n

If it looks familiar, don’t worry. As this writer and many others have noticed, Bitcoin’s recent price action has resembled that was seen at the end of 2018, when BTC tumbled under $4,000 and made many investors fear that the cryptocurrency’s time had come.<\/p>\n

This implies that should history repeat, Bitcoin still has room to run, even though the momentum, for now, seems to have been entirely exhausted.<\/p>\n

Adam Tache, an analyst at Murad Mahmudov’s cryptocurrency fund, Adaptive Capital<\/a>, touched on the similarities between now and late-2018\/early-2019 in a recent analysis<\/a>.<\/p>\n

He pointed out that should history repeat, meaning Bitcoin’s historical price action playing out on this smaller time frame, BTC will hit $11,500 in the coming week. This fractal, which is a bump and run reversal (BARR) bottom pattern, implies around 10% upside from the current price of $10,400.<\/p>\n

https:\/\/twitter.com\/Adam_Tache\/status\/40903434?s=19<\/p>\n

For those who missed the memo, the bump and run reversal bottom is a textbook pattern popularized by analyst B.Biddles in April.\u00a0<\/a><\/p>\n

The structure is described as a steep \u201cdrop-off\u201d following a lead-in phase. After that, the price moves in a narrow range before pushing higher, creating a rounded \u201cbump\u201d bottom before making a \u201crun\u201d upward.<\/p>\n

BTC Bottom: Electric Boogaloo<\/strong><\/h2>\n

This isn’t the only evidence showing that Bitcoin is now looking as it did during December’s $3,150 bottom. As the below analyst recently pointed out<\/a>, the sentiment seen prior to this recent upturn is very reminiscent of late-2018, with many calling for $7,000 after a steep drop from $10,200.<\/p>\n

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Not the biggest fan of fractals but I'm always interested in price behaviour and sentiment. It's all feeling a bit familiar on Bitcoin at the moment<\/p>\n

Jan 19 – People waiting for $1,000
Sep 19 – People waiting for $7,000<\/p>\n

What if? pic.twitter.com\/NdU054UAAE<\/a><\/p>\n

— Matt (@Trader_M4tt) September 1, 2019<\/a><\/p><\/blockquote>\n