Bitcoin is experiencing a strong upturn after its recent sell-off.
The bulls are pushing the crypto currency to $18,000 to make up for recent losses.
Where it goes next will depend largely on Bitcoin Machine how sustained this sustained rise is.
One investor now notes that a gold fractal from the 1970s seems to indicate that this sell-off could be followed by a strong upward push in the coming days and weeks.
Bitcoin and the crypto-currency market as a whole are currently in a strong uptrend – just one day after the crypto-currency experienced a massive influx of selling pressure that led to the undoing of much of its recent gains.
Where it goes next is likely to depend largely on whether or not buyers can push it back above $18,000 permanently. The recovery of this level could create a strong new support base on which the coin can grow.
BTC could thus confirm a „V-shaped“ recovery from its recent lows and possibly enable a strong rebound that would push it beyond its earlier all-time highs in the upper $19,000 range.
BTC could also confirm that there is a 1970s gold fractal in play that will enable it to make a significant recovery.
Bitcoin shows signs of strength – bulls target $18,000
Bitcoin is currently quoted at a price of USD 18,100. This represents a serious upswing from the recent lows at $16,400.
These lows were set at the low point of the recent market-wide sell-off, which occurred shortly after BTC’s rejection around its earlier all-time highs of $19,500.
The selling pressure seen here drove the coin significantly lower and could indicate that a further downward movement is imminent.
This move was reinforced by an increase in regulatory fears following recent comments by US Treasury Secretary Steve Mnuchin.
Celebrity investor: Bitcoin’s slump could be enormously bullish
Various investors are now drawing attention to a fractal pattern first shared by Paul Tudor Jones, a billionaire asset manager. Tudor Jones is widely regarded as one of the best asset managers in the world, outperforming most other asset managers in the 1970s and during the Great Recession of 2008.
The fractal shown below suggests that Bitcoin is traded in a similar way to gold in the 1970s. If the fractal turns into a T, it is very likely that Bitcoin will reach new all-time highs by the end of 2021.
The forthcoming weekly candle closing price of Bitcoin should give an insight into the medium-term trends. A closing price of over $18,000 could bring the trend for the coming week back under the control of the bulls.