Bitcoin is on the cusp of breaking out towards levels above $70,000, according to an eerily identical fractal. Spotted first by Artem Shevelev, a market analyst, the pattern shows Bitcoin in a seven-stage development. Each stage reflects price moves and technical indicators similar to the ones that eventually pushed Bitcoin to its all-time high at $20,000 in December 2017.
As Bitcoin stays motionless near $9,100, one of its old fractals is pointing to a full-fledged breakout towards $70,000 or above.
Spotted first by Artem Shevelev, a TradingView-based market analyst, the pattern shows Bitcoin in a seven-stage bullish development. So it seems, the cryptocurrency’s run-up to its all-time high near $20,000 in December 2017 succeeded six steps, each involving specific price moves, and indicators.
Mr. Shevelev noted that Bitcoin has been forming the very same pattern since 2017. It is trading inside a giant Symmetrical Triangle while undergoing phases that include medium-sized ascending/descending triangles, so-called “flat zones,” inverse triangles, and