All all through the tail finish of 2019, as Bitcoin’s parabolic rally got here to an finish and the asset fell again right into a six-month-long downtrend, the worth motion was so comparable to the run-up to the 2017 all-time excessive, that the rally has been dubbed a “textbook echo bubble.”
Now, the latest bullish pattern is displaying similarities as soon as once more to the 2017 rally, suggesting that the downtrend might be over. At the identical time, Bitcoin is forming one more echo bubble-like fractal that might trigger the asset to attain new highs.
Third Time’s The Attraction: Is Bitcoin’s Echo Bubble Repeating Once more?
Bitcoin is trying bullish as soon as once more, this time being dragged upward by the exploding altcoin market. In the previous, alts capitulating en masse was stated to be the trigger for Bitcoin’s failure to attain a brand new all-time excessive.
Associated Studying | How Bitcoin’s Latest Downtrend May Have Tripled Your BTC Stack