This chart suggests Bitcoin bottom is (almost) in: 'A year of not so much'

15 Mar, 2019 | Updated: 15 Mar, 2019
by Jelmer van der Dussen
Bitcoin
This chart suggests Bitcoin bottom is (almost) in: 'A year of not so much'

A Bitcoin chart shared on the Cryptocurrency subreddit has caught the attention of the crypto community on Friday. The image shows the weekly BTC/USD chart of the period after the 2013 peak, and the period following the 2017 bull run.

And the two look surprisingly alike. After Bitcoin spiked to over $1000 by the end of 2013, it dropped all the way back to the $200 zone following the Mt. Gox hack. On the more recent chart covering the 2017 bull run, a same pattern is visible in the drop from $20K to the current levels of around $4K, with even the little rallies up on the way down looking very similar.

BTC/USD: 2014 vs Now from r/CryptoCurrency

The charts suggest the bottom might be almost in as it was during the 2014/2015 dip. If Bitcoin were to follow the same trend, an accumulation period would start now with little to no movement in the Bitcoin price, and we would see the price rising again by the end of 2019, as it was back in 2015.

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Now of course, history not always repeats itself, especially in the case of Bitcoin with a history going back just 10 years. And thus the crypto community is sceptical, in a humorous way only the crypto community can be. Card

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Others do take the charts seriously.

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Some point at the volume, which is a lot lower in the current market than it was when the bottom was found in 2015.

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Others mention that circumstances were different back in 2013/2014.

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The conclusion is simple: we just don't know.

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However, there are more and more bullish signs in the market the last few months, and this has made Fundstrat analyst Tom Lee optimistic for 2019. On Thursday, Lee said that there might be a bull run coming before the end of 2019. "I think the outside window is five or six months before Bitcoin starts to look technically like it’s back in a bull market."

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Read more about:Bitcoin (BTC)

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as bitcoin has no financial security this asset does not have bottom and can cost less than $0,1 theoretically
15 Mar, 2019 - 10:48

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