Julien Bittel, head of macro research at Global Macro Investor (GMI), has stated that Bitcoin's structure looks similar to the one from 2019.
Back then, the leading cryptocurrency by market cap was stuck in "a consolidation range."
This year’s Bitcoin price structure is starting to look eerily similar to 2019…
Take a close look at the chart – it’s almost a perfect fractal of what we saw back then.
Bitcoin has been stuck in a consolidation phase, and interestingly, just like in 2019, this consolidation… pic.twitter.com/8p6tDTIBoL— Julien Bittel, CFA (@BittelJulien) September 7, 2024
So far, this consolidation phase has lasted exactly 175 days.
"We’re now approaching that critical juncture where things could start moving in a big way," he added.
Important week
Bittel has added that the next week could be extremely important for the leading cryptocurrency.
It remains to be seen whether the leading cryptocurrency is going to follow the 2019 script in 2024.
"All eyes on how Bitcoin reacts as we hit this potential inflection point – does it follow the 2019 script, or do we see a deviation this time around?" Bittel wrote.
If this fractal manages to hold, the leading cryptocurrency could experience "some serious upside momentum" in the near future.
Bitcoin's most recent crash
On Sept. 6, the price of the leading cryptocurrency collapsed all the way to $52,546, the lowest level since early August.
The crash came after the most recent U.S. jobs report that failed to provide definite clues about the size of the upcoming rate cut. Despite experiencing a slight increase immediately after the data was published, the cryptocurrency then ended up plunging together with tech stocks.
At press time, the leading cryptocurrency is changing hands at $54,584 on the Bitstamp exchange after paring some losses.
As reported by U.Today, legendary trader Peter Brandt recently issued a bearish Bitcoin warning, claiming that prolonged corrections could cause significant emotional damage.