Bitcoin Price Due For a Bounce According to ‘Nokia Curse’

Tony "The Bull" Severino

5 years ago

3 mins read

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It’s not uncommon for technical crypto analysts to compare Bitcoin price charts with that of other assets hoping to draw some comparisons that an actionable strategy can be derived from.

The leading crypto asset by market cap has been closely following the price action of early Nokia stocks, and if Bitcoin continues to follow the pattern closely, a bounce is due in the near term.

Bitcoin Price Ready to Bounce If Nokia Curse Fractal Is Followed

In recent weeks, analysts trying to find meaningful comparisons to Bitcoin price charts have looked to everything from post-dot com bubble Amazon, to avocados, and now, the original iconic cell phone Nokia.

The stock price of early mainstream cell phone manufacturer Nokia Corporation went parabolic, and formed a blow-off top peak much like Bitcoin did during the 2017 hype bubble, where the crypto asset had a highly-publicized meteoric rise that took its price to $20,000 and made the asset a household name, just like Nokia.

But after that peak, Nokia – like Bitcoin – plummeted and set a low far deeper than the parabolic top, before rising once again. After that bottom, the asset formed an echo-bubble much like Bitcoin has formed during 2019 – essentially a miniature fractal of the former bubble with price action that mimics the original.

Just like the larger, parabolic top, Nokia’s stock price tanked once again, before setting a new, lower bottom later down the line.

If Bitcoin price does continue to follow Nokia’s stock price so perfectly, it could suggest a bounce is very near. Upon zooming in on Nokia’s price chart, after setting a new lower low, the asset briefly rises once again, marking a bearish retest of former support turned resistance before turning back down and falling much deeper to its eventual bottom.

https://twitter.com/rlee7995/status/1197706953839038464?s=21

Should the same price action play out in Bitcoin price charts, the crypto asset should bounce here and make a run once again for above $8,000, before failing to break back above into bullish territory and suffers a deep collapse soon after.

Cell Phone Memes, and Crypto Chart Comparisons

At one point, Nokia was a new, emerging technology, much like Bitcoin, but once newer, and better technology emerged, the stock price never again returned to such highs, and the cell phone itself has become a meme known for its dangerous drops – also much like Bitcoin.

Given the size and weight of Nokia phones, the internet is flooded with memes showing what happens when a Nokia device is dropped from a distance, leaving a crater in its wake. Bitcoin price drops are just as dramatic, causing billions to disappear from its market cap in a matter of minutes at times.

However, the comparison between the two assets stops there, as the price chart fractal is likely nothing more than a coincidence, much like avocados, Amazon, and others that have been compared to Bitcoin in the past.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.