Bitcoin Price Charts Echo Pattern Seen Before 2015 Bull Market
Bitcoin’s (BTC) 14-month bear market has ended up creating a similar price pattern to one that paved the way for a bull run in 2015. The cryptomarket leader is currently trading at $4,030 on Bitstamp, having hit a low of $3,122 in December. Despite the recovery rally, the price is still down 79.85 percent from the record high of $20,000 reached in December 2017.
Throughout the sell-off, the cryptocurrency has charted a series of lower highs and lower lows, known as descending channel in technical parlance. Bitcoin produced a similar pattern during the previous bear market witnessed in 2014–2015. More importantly, the upside break of that falling channel, confirmed in October 2015, was followed by a two-year bull market.
Therefore, a potential upside break of the latest falling channel could be considered a sign of a long-term bearish-to-bullish trend change.
Bitcoin (BTC) is down 1.06% over the past 24 hours and is currently trading at $4,023.64 on Coinbase. BTC dominance is at 51% and the total cryptocurrency market cap is currently at $138.8 Billion.