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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Current Bitcoin Trend is Repeating the Bull Run to $20k in 2017, And It’s Mega Bullish

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin crypto echo bubble fractal price chart bull market run

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All throughout the tail end of 2019, as Bitcoin’s parabolic rally came to an end and the asset fell back into a six-month-long downtrend, the price action was so similar to the run-up to the 2017 all-time high, that the rally has been dubbed a “textbook echo bubble.”

Now, the recent bullish trend is showing similarities once again to the 2017 rally, suggesting that the downtrend could be over. At the same time, Bitcoin is forming yet another echo bubble-like fractal that could cause the asset to reach new highs.

Third Time’s The Charm: Is Bitcoin’s Echo Bubble Repeating Again?

Bitcoin is looking bullish once again, this time being dragged upward by the exploding altcoin market. In the past, alts capitulating en masse was said to be the cause for Bitcoin’s failure to reach a new all-time high.

Related Reading | How Bitcoin’s Recent Downtrend Could Have Tripled Your BTC Stack

The price action taking place currently, however, is showing an incredible resemblance to not only Bitcoin’s parabolic rally in 2019, but also the crypto bubble bull run the took the price of the first-ever cryptocurrency to its all-time high of $20,000.

bitcoin price echo bubble fractalbitcoin price echo bubble fractal

Looking back at the price action taking place during 2017, the pattern very closely mimics the price action from the 2019 parabolic rally. It was this rally that put Bitcoin on the map and brought it into the public eye as a household name.

Overlaying the price action over the 2019 rally shows many similarities, as the image above depicts.

It was the 2019 parabolic rally that’s been dubbed an “echo bubble” by former IMF economist Mark Dow. Dow famously shorted Bitcoin’s top and rode it down to the bottom.

The most recent bull trend, however, is yet again showing similarities to both the April 2019 to June 2019 rally and the epic bull market of 2017.

bitcoin price echo bubble fractal

bitcoin price echo bubble fractal

By overlaying the price action from the 2019 parabolic rally over the current bullish trend, it yet again matches up eerily well.

But Wait, There’s Even More Similarities Between Each Fractal

Still not convinced by the similarities? When adding a long-term uptrend channel to price charts, and Bitcoin’s two recent downtrends, the uptrend channel could be viewed as a mean line. Each time Bitcoin corrects after a parabolic rally, it returns to the mean line before it repeats the process yet again.

Taking things a step further, applying horizontal resistance and support levels to the fractal match up extremely well with tests of the same support and resistance at the peak of the past two parabolic rallies.

bitcoin price echo bubble fractal

bitcoin price echo bubble fractal

Technical analysis isn’t cut and dry, and often is clouded by an analyst’s personal bias.

However, looking at the comparisons, it’s difficult not to think that Bitcoin is about to rally once again. And with the halving coming in the months ahead, there’s even a catalyst for another bull run.

Related Reading | Only 120 Days Remain Until Bitcoin’s Halving; Here’s What to Expect 

It’s worth pointing out, however, the third echo-bubble fractal, if it plays out exactly the same yet again, Bitcoin would fall short of setting a new high. The cryptocurrency would also instead be stuck within the same trading ranges we’ve spent much of 2019 in.

But if during the process Bitcoin can break above $14,000, a new all-time high will surely be right around the corner.

Featured image from Shutterstock
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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

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