This Bitcoin Week Is 'Incredibly Important To Watch,' Analyst Says: Why A 2019 Déja-Vu May Be On The Cards

Julian Bittel, Head of Macro Research at Global Macro Investor, has drawn attention to a striking similarity between Bitcoin’s BTC/USD current price structure and its behaviour in 2019, which could signal a major market move soon.

What Happened: Bittel said on Saturday that Bitcoin’s price structure is “starting to look eerily similar to 2019,” making it “almost a perfect fractal of what we saw back then.”

The analyst pointed out that Bitcoin’s current consolidation has lasted exactly 175 days, mirroring the duration of the 2019 consolidation period. This precise timing alignment has caught the attention of many crypto enthusiasts and analysts alike.

Bittel emphasized the significance of the coming week, stating, "We’re now approaching that critical juncture where things could start moving in a big way. The next week will be incredibly important to watch."

The key question is whether Bitcoin will continue to follow the 2019 pattern or deviate from it. If the fractal holds true, it could potentially signal substantial upside momentum for the leading cryptocurrency.

Also Read: Peter Schiff Will Accept He Was Wrong About Bitcoin If Restaurants Begin To Show Prices In Satoshis Among Other Things

Why It Matters: Bittel also cautioned to take his analysis as "just your daily dose of crypto weekend hopium," reminding investors to approach such patterns with a balanced perspective.

Last week, on-chain analytics firm CryptoQuant had highlighted that Bitcoin's short-term Sharpe ratio plunged to levels last seen in September and October 2023. Back then, these levels led to a considerable rebound in Bitcoin's price.

According to blockchain analytics firm Lookonchain, the top is yet to come for Bitcoin, with indicators like the Bitcoin Rainbow Chart and Relative Strength Index indicating potential for further growth. Meanwhile, veteran investor Mark Yusko sees rising mainstream interest driving Bitcoin's institutional adoption.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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Image created using artificial intelligence with Midjourney.