Bitcoin Rally Is Close – BTC Follows 2018 Market Structure

There are all kinds of optimistic predictions about the price of the king coin. Check out the latest reports about the trajectory of BTC.

It’s been just revealed that Bitcoin (BTC) is following a certain market structure from 2018 “move for move,” according to crypto analyst Benjamin Cowen.

In a new strategy session, Cowen made sure to highlight that in January of 2018, Bitcoin managed to print higher lows between $9,000 to $11,000.

Cowen notes Bitcoin eventually cratered and put in a new low at the time around $5,800.

“You can see in 2018, we had a low, we had a higher low, [and] we had this one [which is] a pathetic attempt at a higher low. [We] ultimately put in a lower low and the back up to the trendline. Furthermore, it was a rejection off the 200-day simple moving average [SMA] in between.”

According to Cowen, Bitcoin has been mirroring the 2018 market structure over the last few months.

He made sure to explain the fact that BTC printed several higher lows between $30,000 to $39,000 from January to May before eventually correcting all the way down to $26,000.

The crypto trader also added the fact that if BTC actually follows the fractal, then Bitcoin could be in for a strong rally.

“What happened [in 2018] is that we went back up to the trend line that held resistance because in bear markets trend lines tend to hold resistance. We also went back up to the 200-day moving average, so there was a little bit of confluence there between that trend line where we were putting in higher lows and the 200-day SMA.”

The optimistic crypto predictions are dropping in the crypto space, despite the fact that the market saw a serious correction following the Terra disaster.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $29,365.