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SORRY BULLS, THIS DANGEROUS BITCOIN FRACTAL CANNOT BE UNSEEN

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Bitcoin price is back retesting its current all-time high above $58,000, but hasn’t been able to crack it just yet after a few attempts. However, a fractal found matching the 2019 rally has been discovered in the recent price action that simply cannot be unseen. 

Here’s a closer look at the fractal itself, and what it could suggest if the same path is followed as the last time it ominously appeared.

BITCOIN FEVER SPREADS, BUT STRUGGLE TO SET NEW HIGH COULD BE BEARISH

Bitcoin FOMO is in full effect like never before, attracting not only retail investors, but traders, corporations, hedge funds, and institutional investors. The impact these new participants have had on price appreciation thus far has been nothing short of incredible.

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From a low of under $4,000 nearly one year ago today, the leading cryptocurrency by market cap has risen to a current high of more than $58,000 per coin. The price per BTC reaching such heights propelled the cryptocurrency’s total market capitalization to over $1 tri

But at those highs, the cryptocurrency met its first serious resistance, and has been struggling to get back above since. The most recent attempt was swatted down preemptively by bears, coinciding with the non-news that Oracle didn’t buy the BTC the community was expecting it to.

However, that might not be the reason for bears making a stand over the last 24 hours.

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bitcoin fractal

An eerily similar looking fractal has appeared on Bitcoin price charts | Source: BTCUSD on TradingView.com

CANNOT UNSEE: FAMILIAR FRACTAL COULD YIELD FAMILIAR RESULTS

When Bitcoin left its bottom trading range at under $4,000 for the first time, the cryptocurrency almost immediately rocketed to $14,000. The uptrend ran out of steam, and eventually corrected back down to confirm the range as support on Black Thursday last year.

The current uptrend’s momentum is waning, albeit only slightly, but a fractal from the 2019 rally could indicate that Bitcoin is about to topple once more

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Both rallies started out with a more reasonable uptrend line, that eventually goes increasingly vertical. At the height of the parabola, there’s a large rejection, a failed retest, and a breakdown. This time around, Bitcoin hit $58,000 and was immediately sent crashing back down to under $50,000.

The retest has since failed, but is in the process of making another attempt. Failure here could validate the fractal and cause the cryptocurrency to drop lower to retest support levels below.

Coinciding with the comparable price action and trendlines, is a similar reading on the crypto analyst who spotted the fractal’s trading indicator. Could this be the end of the current rally for the time being?

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Bitcoin Forecast and Analysis October 25 — 29, 2021

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Bitcoin BTC/USD ends the trading week at 63433, continues to move within the growth and bullish channel. However, while above the local maximum, the quotes are in no hurry to go further up. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 53665. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 76505.

Bitcoin Forecast and Analysis October 25 — 29, 2021

An additional signal in favor of the growth of BTC/USD quotes in the current trading week October 25 — 29, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Now the values ​​of the RSI indicator are testing resistance, so it is too early to expect the cryptocurrency to grow directly from the current levels. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 47055 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 36605. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotes above the level of 67055.

Bitcoin Forecast and Analysis October 25 — 29, 2021

Bitcoin Forecast and Analysis October 25 — 29, 2021 suggests an attempt to support area near the level of 53665. Then, the cryptocurrency will continue to rise to the area above the level of 76505. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 47055 area. In this case, we should expect a continued decline with a target at 36605.

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China Banning Bitcoin Is a Big Mistake, Says Dan Held

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  • Bitcoin OG, Dan Held, tweeted, “China banning Bitcoin may be the biggest geopolitical mistake of the century.”
  • His tweet sparked interesting conversations on the Twitter space, showing that people have varied opinions on the matter.

Dan Held, one of the OG supporters of the major digital asset, Bitcoin (BTC), initiated an interesting topic on Twitter yesterday. He says that China’s decision in banning BTC might be the ‘biggest geopolitical mistake of the century.’

China surprised the crypto space when it suddenly decided to ban BTC in the country. As this ensues, more crypto platforms are exiting the country and continuing their business elsewhere.

Of course, this decision created a massive butterfly effect in the market. There was some period this year that the market saw a drastic change from China’s move.

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With that said, as Dan Held said, China’s decision may be a big mistake, indeed.

The Twitter crypto space, moreover, had different opinions on the matter. One account, @CurrencyWar1, said that “China’s CBDC will be the no. 1 digital currency in 2 years.” Another one, @theswampgirlUSA, said that “They [China] want the Chinese digital yuan to be a global reserve currency, not $BTC. Their #cbdc will incorporate #AI and social credit tracking so they can know everything about everyone.”

On the other hand, some are being speculative on the matter. For example, @Nuno_CFerreia said, “China is currently the number 2 holder of BTC… it doesn’t look like they banned it, they just want us to think they did.. the question is, why?”

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Meanwhile, some took this as a positive thing. @jdubya said,

For China, yes. But it was the next positive step in the evolution of Bitcoin. It was not meant for one country to control so much of the mining resources. Better world distribution means a stronger network.

In any case, we will see if Dan Held’s opinion is true in the coming months or perhaps years. For now, the public is yet to see how China banning BTC will affect the country and the entire market.

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At the time of writing, BTC’s price increased by 0.56% in the last 7 days and trade at around $61,000, according to CoinMarketCap.

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Binance Moves 36,306 BTC Worth Staggering $2,214,339,246, Pays Just $3.47 in Transaction Fees

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Global crypto exchange Binance just shuffled a 10-figure sum of Bitcoin between wallets as BTC clings to the $60,000 level.

Crypto data tracker BitInfoCharts spotted a massive transaction to the tune of 36,306  BTC – worth over $2.21 billion at the time of writing.

The transaction was first broadcast to the Bitcoin network on October 23rd at 4:41 AM GMT+8. The crypto was sent in a batch that includes a request to send 35,236 BTC ($2.15 billion) and 1,069 BTC ($65 million) along with two other transactions involving less than one BTC.

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Source: Blockhain.com

One wallet received 20,000 BTC, worth more than $1.2 billion, less than nine minutes later at 4:49 AM GMT+8. Around the same time, another wallet collected 16,306 BTC ($993.39 million).

The Binance wallet that sent the 35,236 BTC was the 24th richest Bitcoin wallet in existence prior to the transaction.

All in all, Binance paid just 0.00005694 BTC in fees, worth $3.47.

Crypto exchanges occasionally move large batches of digital assets around for security purposes.

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All of the sending and receiving wallets were identified by BitInfoCharts as the exchange’s cold wallets. Cold wallets are physical hardware wallets that can keep digital assets completely offline. They are generally considered more secure than hot wallets, which are software-based and connected to the internet.

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