Too Obvious? Current Bitcoin Price Action Resembles $3,200 Bottom

The past few months haven’t been kind to Bitcoin bulls. Since peaking in June, the cryptocurrency’s price has fallen from $14,000 to the $7,700 low set last week.

While the macro backdrop is evidently different, as are the fundamentals of the cryptocurrency market, many analysts have argued that the recent collapse in the Bitcoin price was a microcosm or fractal of 2018’s bear market.

Their assertion may actually have bullish implications for Bitcoin.

Related Reading: Crypto Market Death Cross Inches Closer, Will The Bear Market Return?

Reminiscent of 2018’s Bottom

In late-September, the price of BTC tumbled off a proverbial cliff, falling from $10,100 to under $8,000 in a week, as bears finally won a multi-month tug-of-war against the bulls.

While seemingly random, a number of analysts have noted that this seeming capitulation was similar to what took place in November and December of 2018, during which Bitcoin fell from $6,000 to $3,000 in a short period of time. Crypto Hamster…