Bitcoin (BTC) faces the prospects of reaching $47,500-$50,000 based on its current trend’s eerie similarity with the one in June through December 2019.
2019 Bitcoin fractal
In detail, Bitcoin topped out around $14,000 on June 26, 2019, before turning lower for the remainder of the year on profit-taking sentiment, and as well as FUD sparked by the Bitcoin Cash hardfork, Facebook’s stand-off with regulators over its crypto project Libra, and then U.S. President Donald Trump and Treasury Secretary Steven Mnuchin’s threatening tone on Bitcoin.
The flagship cryptocurrency crashed to near $6,500 in December 2019. In doing so, it prompted its 50-day simple moving average (SMA) to flip below its 200-day SMA, a phenomenon that technical chartists call a “death cross” and see its formation as a sign of extended sell-offs ahead.
But, at the same time, Bitcoin bulls held the price above the 50-week SMA. The cryptocurrency’s one-day chart showed bears’ attempts to crash the price below its 50-week SMA. But bulls bought