Bitcoin’s price chart is starting to mimic the pattern it displayed when it reached the previous cycle’s all-time high of $69,000 in November 2021, according to a crypto trader.
Other traders argued that charts don’t tell the full story now, amid mounting demand for Bitcoin (BTC) from crypto treasury companies.
Bitcoin charts look similar to 2021, trader says
Technical analysts often compare Bitcoin’s price chart to similar patterns in past cycles to figure out when the price might peak, when to sell and when money may start rotating into other assets.
“Has anyone else noticed that the topping price action in 2021 looks exactly the same as current price action?” crypto trader Nebraskangooner said in an X post on Thursday, pointing to a chart showing what appeared to be a double top pattern often viewed by traders as bearish.
Crypto analyst Benjamin Cowen agreed, suggesting that the Bitcoin chart tracks the same pattern each post-halving year.
“Up in July-Aug. Down in Sep. Up into the market cycle top in Q4. Bear Market,” he said.
Traders using charts to predict prices are “fooling themselves”
Still, crypto trader Kale Abe said Nebraskangooner’s observation was “another instance where charts and fractals don’t matter.”
“The only thing that matters is the treasury companies and if they are out of ammo or not,” Kale Abe said. BitcoinTreasuries.Net data shows that $150.98 billion worth of Bitcoin has been scooped up by publicly traded Bitcoin treasury companies.
Abe also doubted that Bitcoin would go “into a bear market” as Ether (ETH) is nearing its all-time highs. “Impossible,” he said. Ether is up 19% over the past seven days, trading at $4,612, about 5.75% below its 2021 all-time highs of $4,878.
Related: Bitcoin’s all-time high gains vanished hours later: Here’s why
It comes just a few weeks after veteran trader Peter Brandt told Cointelegraph Magazine, “Anyone that looks at the charts and tries to tell you where anything is going is actually just kind of fooling themselves.”
Brandt said the only real use of a price chart is seeing where the price has been and where it is now.
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