Quick Take
According to a recent analysis by CryptoSlate, the current Bitcoin market is behaving in a strikingly similar pattern to that of 2019.
Since reaching an all-time high of approximately $73,000 in March, Bitcoin has been fluctuating mostly within the $60,000 range, reminiscent of previous periods of market consolidation. Notably, Bitcoin lingered in the $9,000 range longer than it has at $58,000, but the current trading pattern suggests a potential repeat of history.
BTC Price: (Source: Glassnode)
Analyst Checkmate recently highlights further parallels with the market in 2019. In April of that year, Bitcoin’s price was around $4,000 before surging to $14,000 by July, driven by the Ponzi scheme PlusToken in China, which absorbed about 2% of the Bitcoin supply. However, after the Chinese government sold the assets on Huobi, the price plunged back to $9,000 until the COVID-19 crash.
Huobi Exchange Balance: (Source: Glassnode)
Meanwhile, in 2024, the launch of US Bitcoin ETFs in
We współpracy z: https://cryptoslate.com/insights/bitcoins-2024-market-patterns-echo-2019/
