RATE Group | Bitcoin Price Chart Fractal Seen in 2019 Hints at $14K Within Months
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Bitcoin Price Chart Fractal Seen in 2019 Hints at $14K Within Months

14 May Bitcoin Price Chart Fractal Seen in 2019 Hints at $14K Within Months

Posted at 06:32h in Bitcoin News by

Bitcoin (BTC) price is portraying a similar trend seen in April 2019, when BTC surged from $5,000s to $14,000 within two months. Based on the similarity of the price action, there is a possibility that the top-ranked cryptocurrency by market capitalization could gear toward a new local peak in the second half of 2020.

After a price drop right before the halving to $8,200 on May 11, BTC recovered swiftly to over $9,100 within a 48-hour span. It indicates the strength of the current momentum of BTC.

Fractals are typically accurate, especially when matched with strong narratives

A Bitcoin halving occurs once every four years. In the past 11 years, the block reward of the Bitcoin blockchain network halved three times. Each time a halving happened, it triggered a gain of over 2,500% in the following months.

A halving has a long-term effect on the price of Bitcoin because it is the only event or mechanism that can affect the new supply of BTC. Bitcoin replicating a price trend last seen in…

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