Cryptocurrency strategist Altcoin Psycho has recently raised alarm about the potential of Bitcoin (BTC) exhibiting the same bearish pattern that was seen multiple times during the 2018 bear market. This Bart formation begins with a sharp rise, followed by a period of consolidation and a painful sell-off.

Altcoin Psycho has noted the presence of the pattern on Bitcoin's lower timeframes and warns that if signs of the infamous 2018/2019 BitMEX Bart algorithm appear, Bitcoin is likely to fall. His analysis is based on two Bart patterns that could already be seen this year on the 12-hour chart. The first one occurred late January when Bitcoin leapt from $20,000 to almost $25,000, only to correct back to $21,000 in two weeks. The second Bart pattern was seen in February as Bitcoin rose above $25,000, then plunged to $19,000 in March.

Altcoin Psycho also believes that investors should take into account the sudden increase of value of memecoins, as this could be a sign of an impending sell-off. Nevertheless, at the time of writing, Bitcoin is trading above $27,000.

According to crypto analysts, after the infamous crypto winter of 2018, the market is only now beginning to stabilize, so trader sentiment must be monitored closely. The ever-increasing liquidity of the market makes it all the more important to be mindful of potentially bearish patterns, bear markets, and other events that could undermine the ongoing Crypto Spring. Thus, investors are advised to keep a watchful eye on any signs of bearish trend, while still taking the appropriate precautions when it comes to trading.



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