Cryptoanalyst Shows Similarities to Bitcoin’s 2019 Technicals; Eruption imminent?
The cryptocurrency market is showing signs of strength again, as most of the assets have registered gains in recent days, including Bitcoin (BTC), which some crypto experts believe is due for a major breakout.
If Bitcoin’s behavior patterns from the previous years are to be taken into account, these experts may be right, as shown in the side-by-side charts published by the pseudonymous cryptanalyst Mustache on 1 November.
The expert listed the similarities between Bitcoin’s technical characteristics in 2019 and those in 2022, along with his predictions for the price action after the New Year holidays, which Mustache think will be bullish.
Specifically, these similarities include the successful ABC correction, analog relative strength indicator (RSI), similar Stochastic RSI (StochRSI), and the last body candle was larger than last month.
There are more and more patterns
Earlier, the same expert presented other patterns pointing to Bitcoin moving towards $30,000 in 2023, along with another crypto trading expert and Dutch institutional investor, Plan Bhints at a ‘Moonvember’ for the maiden decentralized finance (DeFi) token.
Simultaneous, Plan B noted that Bitcoin’s closing price was $20,498, and posted its stock-to-flow (S2F) live model, predicting a bullish advance for BTC, in its chirping on 1 November.
Elsewhere, prominent cryptanalyst Michaël van de Poppe observed that Bitcoin “consolidated nicely, while returns are poised to fall,” as well as identifying that altcoins broke out on October 31.
Bitcoin can also expect a bit of a push after famed former NSA data intelligence analyst and whistleblower Edward Snowden praised the lightning network’s speed and its founder’s dedication to remaining anonymous for 14 years.
Bitcoin price analysis
As it stands, the flagship digital asset is changing hands at the price of $20,523, registering a 0.83% drop on the day, but still up 6.34% for the week, giving a monthly growth of 6.72 %.
Currently, Bitcoin’s market capitalization is $394.13 billion, maintaining its position as the largest cryptocurrency by this indicator, according to data obtained by Finbold on November 1.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
