RATE Group | This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000
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This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000

05 Jan This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000

Posted at 03:23h in Bitcoin News by

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Over the past few weeks, Bitcoin (BTC) has been consolidating in the range around $7,000, seemingly stuck in between a rock and a hard place. Indeed, the cryptocurrency has many times bounced in the mid-$6,000s, where there is macro support, and has been rejected multiple times in the resistance band around the high-$7,000s.

Related Reading: Why Bitcoin Is Poised to Rally 25%, Spring Past $9,000 In Coming Weeks

According to an eerily accurate fractal pointed out by a cryptocurrency trader, Bitcoin will need to break higher soon, or else a strong drop towards the $3,000 range may soon take place.

Bitcoin Fractal: BTC Prime to Fall to $3,000

Cryptocurrency trader Mr. Chief recently posted the below tweet, noting that Bitcoin’s price action since the start of 2019 is eerily reminiscent of the chart of the stock of AMD from 1991-1992. Both charts, he pointed out, saw a strong rally higher, a parabolic peak, a consolidation defined by a descending triangle, a fake breakout above the…

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