THELOGICALINDIAN - The crypto balloon and Bitcoins brief acceleration generally gets compared to accomplished bubbles such as tulip aberration or the dot com crash
But could Bitcoin’s amount blueprint absolutely be afterward an echo-bubble fractal begin on NASDAQ’s amount archive from afterwards the dot com balloon burst?
Bitcoin Following NASDAQ Post Dot Com Collapse Fractal
The arch cryptocurrency by bazaar cap, Bitcoin, took the apple by storm in 2017 back the crypto asset accomplished an all-time amount of $20,000 absolutely two years ago today.
Related Reading | Former IMF Economist: Current Bitcoin Trend is “Textbook Echo Bubble”
Since then, the crypto balloon popped, consistent in Bitcoin falling by over 80% to its closing low at $3,100, while the blow of the crypto bazaar and altcoins fell in amount by as abundant as 99% in some cases.
The cryptocurrency balloon has fatigued comparisons to a cardinal of accomplished bubbles, but a absolute allegory with the post-dot com collapse amount blueprint of the NASDAQ banal basis shows a amount arrangement that looks somewhat agnate to the amount activity arena out in Bitcoin markets currently.
Little hopium for my bullish followers.
While I accept acquaint affluence of scenarios assuming a bead to 1300, I barter btc akin to level.
Right now, I anticipate its important not to get too complacent.
Could actually acquisition out btc follows the Nasdaq's advance afterwards the dot com bubble. pic.twitter.com/IGI4n28G43
— James (@sometrader78) December 16, 2019
After the dot com balloon burst, NASDAQ comatose in amount by as abundant as 80% of its aiguille price, aloof like Bitcoin has. Once the asset bottomed, it grew about 3 times in amount at the acme of a afterward echo-bubble rally.
Once the echo-bubble aiguille was reached, though, the fractal similarities amid NASDAQ and accepted Bitcoin amount activity became alike added convincing.
Following some alliance anon beneath the echo-bubble peak, the asset suffered a cogent drop, followed by a powerful rally that acted as a bearish retest of above abutment angry resistance.
If it sounds familiar, the aforementioned bearish retest and able assemblage occurred in Bitcoin at the end of October, back Chinese President Xi Jinping batten out in abutment of blockchain technologies. This news-driven pump resulted in Bitcoin’s third-largest single-day accretion in the asset’s history.
But the absolute assemblage was after wiped out in a assiduity of the accepted downtrend.
What Happens Next to Crypto After It Bottoms Once Again?
If Bitcoin continues to chase the aforementioned post-dot com NASDAQ pattern, the first-ever cryptocurrency would ache a aciculate and agitated abatement from here, demography the crypto asset bottomward addition 30-40% against the aftermost actual askew trendline, amid about $5,000 to as low as $4,800 currently.
Related Reading | This Analyst Says a Bitcoin Target Of $50,000 To $100,000 by 2021 Is “Tame”
The acceptable account is that afterwards the asset begin a basal already again, it went on to commence on the greatest balderdash run the apple has anytime apparent – one that is still activity alike today, about a decade afterwards the antecedent collapse.
Should Bitcoin chase that aforementioned course, the crypto could eventually ability prices of $100,000 to as abundant as a actor dollars per BTC, as some analysts are predicting.
