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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Price Fractal From 2017 Peak Suggests Deep Drop is Coming

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin price chart fractal head and shoulders

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Bitcoin price is consolidating ahead of what most expect to be a major move – one that’ll set the trend for the coming months ahead and depending on the direction could confirm Bitcoin’s next bull run is here.

But a fractal – a repeating chart pattern – has appeared on current Bitcoin price charts that looks eerily similar to the price action that developed at the top of the 2017 bull run, and could suggest that a violent drop could be due soon.

Massive Head and Shoulders Fractal Matches All-Time High Top

Fractals are similar patterns that appear on progressively smaller scales. They’re commonly found throughout nature in everything from snowflakes to galaxy formations. They also appear in the price charts of financial assets and can help crypto analysts determined the market’s next move.

Related Reading | Bitcoin Price Downtrend Could Continue As Indicators Begin Pointing Down 

One crypto analyst has spotted a potential fractal playing out on Bitcoin price charts – one that would suggest that a massive drop and drawdown may be ahead in the coming days.

As can be seen in the chart shared by the analyst via Twitter, a large, upward slanting head and shoulders pattern has formed at the top of the 2019 rally where Bitcoin price is currently consolidating for many months now.

#BTC $BTC #BTCUSD
I know some of you won't gonna like this one, let me say first that I'm still bullish on #Bitcoin, but this doesn't mean I can't post a bearisch chart.

👇Just something to keep in mind. pic.twitter.com/FlJOHPCzdK

— MAXi. (@888Velvet) September 20, 2019

According to the pattern, it is in the process of confirming with a throwback to the broken neckline – something that occurs as much as 64% of the time.

Giving credence to the idea that this pattern will indeed confirm and breakdown, is the fact that the same pattern – or fractal – played out the same way at the top of the 2017 hype bubble. The top of the “head” in the head and shoulders pattern, was Bitcoin’s all-time high at $20,000.

Could Bitcoin Price Collapse In the Days Ahead?

Should the same pattern play out, Bitcoin price could be due for an extended correction before the crypto asset finds support once again, and resumes its bull trend.

However, throughout the crypto community of analysts and traders, not a lot of weight is given to fractals. During the consolidation, other potential fractals have been pointed out, but haven’t been followed. While the patterns do appear to be similar, it could be pure coincidence and Bitcoin breaks up from here.

Related Reading | Crypto Analyst: Brutal Wyckoff Distribution Expected As Bitcoin Cools Offs 

In addition, analyst are torn over the pattern Bitcoin price is currently in itself, with some saying it’s a bull flag, and others arguing that it’s a triangle – and fighting over it being symmetrical or descending – and now, a head and shoulders.

Regardless of what pattern Bitcoin price is in, volatility is reaching extreme lows, and when that happens, consolidation tends to resolve and it results in a powerful expansion. A decision will soon be made, and we’ll soon know if this potential head and shoulders pattern, also had legs.

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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.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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