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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Following Eerie Amazon Dot Com Fractal Would Lead To Retest of $20,000 Record

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
4 mins read

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Bitcoin price has once again found itself trading just below its most important resistance: $10,000.

If the first-ever cryptocurrency can break that level, according to an eerily similar fractal from dot com-era Amazon stock charts, a retest of the asset’s all-time high would immediately happen next, followed by a steady uptrend that lasts for decades thereafter.

Comparing The Dot Com Bubble With Cryptocurrency

Bitcoin and cryptocurrencies, like the internet before it, are incredibly disruptive technologies with amazing, untapped potential.

It could be decades before the emerging asset class truly bears any fruit.

Related Reading | Venture Capitalist: Crypto Gains Won’t Come As Easy During Next Bull Run

In the early days of the dot com bubble the asset class has been compared to – along with tulips and other speculative bubbles – internet brands weren’t the giants they are today, and many ideas failed along the way.

It was impossible then to imagine what the internet would ultimately become today.

Visionaries and entrepreneurs turned simple ideas like an online book store – a first of its kind back then – into the most recognizable internet brands in the world.

Tech stock valuations ran wild, millions, and even billions were made. The bubble eventually popped and prices later crashed, bringing them back to reality.

The same thing happened after Bitcoin price reached its all-time high of $20,000 in late 2017. After the billions were made, the crypto bubble popped, and nearly three years later prices still haven’t recovered.

But from the ashes back then rose the giants of today. The strongest projects with real promise kept building and were allowed to finally stand out from the crowd.

Eventually, realistic valuations began to catch up with the irrationally inflated prices from the bubble, and after that, real sustainable growth began for decades after.

If this is where Bitcoin and the crypto market are right now, the real winners will soon show their true potential and the path to long term value can begin.

Bitcoin To Break $10K, Target $20K Next, According To Amazon Fractal

Market sentiment, cycle timing, and other similarities are immediately comparable between the dot com bubble and cryptocurrencies like Bitcoin.

But what’s even more striking, is an eerily similar fractal playing out on Bitcoin price charts that match price action from dot com era Amazon stocks.

bitcoin amazon fractal comparison dot com bubble

(Click for full-size image)

In the two charts above, both assets had a blow-off top, followed by a deep correction.

There was an immediate reaction to bottoming driven by remaining investor zeal combined with underlying promise. But the “echo bubble” got overheated too quickly, leading to another, short downtrend.

During that downtrend, each peak and trough matches nearly perfectly between Bitcoin and Amazon, all the way down to the China pump and Black Thursday collapse that broke through a false bottom.

After that sharp bottom, a push up through resistance took Amazon back toward its all-time high.

Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend 

Bitcoin is now testing $10,000 for the third time after the echo-bubble peak. If the first-ever cryptocurrency continues to follow Amazon’s path to becoming one of the biggest names in the world, $10,000 will be broken, and a test of $20,000 would immediately follow.

Bitcoin wouldn’t set a new record just yet but would do so eventually and then spend the next couple decades experiencing sustainable growth.

bitcoin amazon fractal comparison dot com bubble

(Click for full-size image)

If the leading crypto asset by market cap continued to follow Amazon‘s fractal, the current share price of the world’s largest online retailer would put the price per BTC at over $400,000 each, midway through 2024.

Interestingly, the fractal fits Bitcoin’s long-term logarithmic growth curve that the asset has traded inside throughout its history. Can Bitcoin really become as big as Amazon?

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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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