RATE Group | Bitcoin Printed This Exact Pattern Prior to 2019’s Explosion to $14,000. It’s Back
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Bitcoin Printed This Exact Pattern Prior to 2019’s Explosion to $14,000. It’s Back

21 Mar Bitcoin Printed This Exact Pattern Prior to 2019’s Explosion to $14,000. It’s Back

Posted at 08:28h in Bitcoin News by

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On April 1st, 2019, after a brutal Bitcoin bear market that brought the cryptocurrency down by 80% and more, something changed: BTC saw “fireworks” as the price exploded 25% in a single day, marking one of the largest moves for the asset in its short but storied history.

At first, many laughed it off as pure manipulation, suggesting it was a false rally that would end in Bitcoin falling back to the bear market lows. But, in a now-famous tweet, cryptocurrency trader B.Biddles (handle @Thalamu_ on Twitter) remarked that the price action from late-2018 to the 25% gain formed a literal “textbook BARR bottom.”

What exactly he was referring to was a bump-and-run-reversal — hence BARR bottom — bottom in the book “Encyclopedia of Chart Patterns.” This pattern is marked by a number of price trends: 1) a downtrend that leads into a…

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