Analyst Compares Bitcoin’s Price Action To NASDAQ

There’s been massive volatility in the crypto space and things remain unchanged during these massive geopolitical tensions as well. Following price corrections for the most important coins, now the crypto market looks great today.

We have already addressed the reasons for which the crypto market went straight to the moon.

Now, an important crypto strategist says Bitcoin’s (BTC) market structure over the last three years is reminiscent of Nasdaq’s price action during the early 2000s.

In a new strategy session, pseudonymous analyst Altcoin Psycho addressed the way in which the Nasdaq performed from 2003 to 2008 to get a glimpse of how BTC may react in the short term.

“You’ve got your downtrend [2003]. You’ve got a clear low that was defined with a bounce, and then you’ve got your double bottom [2004] with a higher low. After you got this double bottom with a higher low, you had a really crazy parabolic run on Nasdaq [2005].”

He continued and said the following as quoted by the online publication the Daily Hodl.

“2005 Nasdaq reminds me a lot of where the crypto markets are today. Once we had this big runup, we kind of created this range. So you have the top of the range and the bottom of the range [2006]. You swept the high of that range [2009], and then you also came back and swept the low of that range.”

It’s been just revealed that Russia suspends the sale of foreign currency.

“Russia’s central bank will no longer allow its citizens to buy up foreign currency in a bid to maintain reserves within the country,” according to official notes.

These measures are set to last until at least Sept. 9. It’s also important to add the fact that customers will be able to withdraw a maximum of $10,000 foreign currency from their accounts, all other funds will now be paid in rubles.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $42,097.