A pair of crypto analysts are beginning to flip bullish on Bitcoin.
Luke Martin of Venture Coinist says if past is prologue, BTC’s recent crash is linked to the expiration of CME’s Bitcoin futures, and the leading cryptocurrency is now poised to rebound.
However, he warns that if Bitcoin can’t remain above $7,800, his thesis will be invalid.
Expecting upside on $BTC towards 9k. Wrong below 7800.
Partially based on the chart and partially based on the data set below ?? https://t.co/HmCQ718L1A
— Luke Martin (@VentureCoinist) September 27, 2019
PlanB, who is well known in the crypto community for his stock-to-flow charts on Bitcoin, says a fractal analysis, which is used to identify recurring price patterns, shows Bitcoin is likely at the start of a new rally.
“Green flipping to orange has 3 out of 3 times been bullish (yes I know n=3). Orange flipping back to green/blue is bearish.”
New chart: #bitcoin fractal dimension changes over time and seems to indicate phases like bear, neutral, bull. Note how consistently blue turns to green, orange, red and vice versa. And yes we are at the start of a orange/red phase (although it might not feel like it right now)? pic.twitter.com/7Dw7HzASdQ
— PlanB (@100trillionUSD) September 28, 2019
But not all analysts are feeling so bullish.
Josh Rager is also comparing Bitcoin’s historic price movements to its volatile downturn over the past week – but he sees the potential for more downside.
According to Rager, Bitcoin’s big pullback in 2013 hit 75%, while its recent fall has hit a relatively tame 42% so far.
“Bitcoin 2013 market compared to 2019.
2013: Bitcoin bull market pulled back 75% over 89 days before a 1600% run-up to new highs later in the year.
2019: Bitcoin has currently retraced 42% over 91 days.
Price can continue down but expect the bull trend to continue after pullback”
At time of publishing, Bitcoin is down 0.33% at $8,190, according to CoinMarketCap.
