Blast From The Past Bitcoin Fractal Could Suggest A Record Reversal Is Near

Mark Twain said that history doesn’t repeat, but it often rhymes. Such a scenario could be about to play out in Bitcoin, according to a potential fractal that mimics the setup before a previous record-breaking rally. While the conditions aren’t quite the same for an exact repeat, there could be enough for the price action now and then to rhyme just enough. Let’s take a closer look. Record-Breaking Bitcoin Price Fractal Found, But Is It Valid? Markets are cyclical and patterns repeat in those markets so often, they can be used to predict the future. Most of the statistically proven technical patterns include some type of geometric shape such as triangles and rectangles. But not all setups are so clear. Repeating patterns called fractals can appear, mimicking the price action of past moments. When fractals appear, they aren’t a perfect repeat of the situation before, but can yield similar results. Related Reading | Could Kazakhstan Turmoil Cause Another Bitcoin Hash Crash? The fractal in question is a setup from October 25, 2019 – in the past dubbed the “Xi pump” or “China pump.” Bitcoin price had swept support after more than a month of grinding against it, only to sharply reverse. Not only did price action reverse, the resulting short squeeze and FOMO led to a record-breaking 44% climb in a matter of 48 to 72 hours. It was the third-largest single-day rise in the cryptocurre...