ມີ ຕະຫຼາດ cryptocurrency still in a rut and Bitcoin (BTC) struggling to reclaim the $20,000 mark that many have been eyeing for the past several weeks, there could be more bad news in store for the largest crypto.
Specifically, a ການວິເຄາະດ້ານວິຊາການ (TA) indicator is displaying a descending triangle pattern similar to the one Bitcoin exhibited during the bear market crash of 2018, as ສັງເກດເຫັນ by crypto sunmoon, an analyst at the crypto analytics platform CryptoQuant ໃນເດືອນຕຸລາ 19.
To drive the point home, the analyst posted a chart that shows these similarities, adding that there were a couple of participating factors to take into account when observing such a behavior:
“The movement of long-term hold Bitcoins has decreased, and price volatility is becoming very low.”
Furthermore, should the present descending triangle pattern of Bitcoin’s movements continue, in addition to deviating from the ສະຫນັບສະຫນູນ, the analyst predicts that:
“If the current descending triangle pattern is completed and the price deviates from the support line, there is a possibility of a last crash in the bear market.”
More bleak predictions
Earlier, the 3-day ດັດຊະນີຄວາມເຂັ້ມແຂງພີ່ນ້ອງ (RSI) for Bitcoin showed a pattern of increase which, combined with its price action at the time, indicated a ແຮງກົດດັນໃນການຂາຍ on the maiden cryptocurrency.
ໃນເວລາດຽວກັນ, ພໍ່ຄ້າ crypto and analyst Josh Rager identified the so-called ‘bouncing ball pattern’ in conjunction with a rally, for which he voiced his pessimism, stating that “it never ends well,” ຄື ນ້ ຳ ມັນ Finbold ລາຍງານກ່ອນໜ້ານີ້.
Not all analysts agree
That said, a TA indicator shared by the pseudonymous crypto analyst ຫນວດ suggests that Bitcoin might be in for a ການຊຸກຍູ້ທີ່ສໍາຄັນຕໍ່ກັບ upside, adding to his previous predictions that Bitcoin would “soon surprise everyone.”
ຍິ່ງໄປກວ່ານັ້ນ, Bitcoin’s market capitalization has dwarfed both that of social media giant Meta Platforms (NASDAQ: META) and the banking giant JPMorgan (NYSE: JPM), which control a market capitalization of $360.58 billion and $349.31 billion, respectively.
As things stand, Bitcoin’s market cap at press time stood at $368.21 billion, as the price of the flagship digital asset amounted to $19,194 with no significant change during the past weeks.
Indeed, its current price represents a decline of 1.98% over the past 24 hours, but is still an increase of 0.29% across the previous seven days, according to CoinMarketCap ດຶງຂໍ້ມູນໃນວັນທີ 19 ຕຸລາ.
ປະຕິເສດ: ເນື້ອຫາຢູ່ໃນເວັບໄຊທ໌ນີ້ບໍ່ຄວນຖືວ່າເປັນຄໍາແນະນໍາດ້ານການລົງທຶນ. ການລົງທຶນແມ່ນຄາດຄະເນ. ເມື່ອລົງທຶນ, ທຶນຂອງເຈົ້າມີຄວາມສ່ຽງ.
Source: https://finbold.com/bitcoins-descending-triangle-resembles-2018-bear-market-crash-more-pain-on-the-horizon/