A widely followed analyst is warning that Bitcoin (BTC) may be mirroring a 2014 bear market pattern with its latest rally.
The analyst pseudonymously known as Rekt Capital tells his 560,700 followers on X that Bitcoin could rally 10% from its current value before collapsing based on historical precedence.
“What we are seeing now is more akin to the 2014 macro [descending] triangle, where price is consolidating beneath the triangle base (orange). If Bitcoin continues to mirror 2014 then price could still continue to consolidate a bit more, but the base of its current triangle (~$82,500) would be the ceiling for Bitcoin.”
Source: Rekt Capital/XThe analyst also says that if Bitcoin forms a new consolidation phase after correcting it would indicate a bear market bottom is forming based on the 2014 pattern.
“Bitcoin tends to build major consolidation periods on breakdowns from macro triangles (orange boxes). In 2018 and
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