Gartley targets typically follow Fibonacci retracement levels, much like the measurements in the pattern do. While it’s not a perfectly formed Gartley, the latest high, if Bitcoin stops here, could be the pattern that sends the cryptocurrency back to test much lower. But it also could be purely market dynamics at work, depicted by a massive bearish Gartley formation that has formed on high timeframe BTC charts.Ī bearish Gartley harmonic pattern could be the culprit that causes a crash | Source: BTCUSD on Ī bearish Gartley is a rare harmonic pattern, that must follow certain measurements in price and time to become valid. The stock market toppling from secular bull market highs could be a trigger. Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017 So what then could cause the sudden change?
There’s also no denying how bullish Bitcoin’s high timeframe chart currently looks, and there is next to no BTC available on exchanges that can even be sold into the market.
One crypto analyst sees several similarities between AMZN stock shares back then, and Bitcoin now, according to the chart they shared below.Ī pseudonymous crypto analyst sees similarities in crypto charts | Source: BTCUSD on Could A Bearish Gartley Harmonic Pattern Bring The Crypto Market One Last Crash?Ī 66% collapse would take Bitcoin price back to $5,550, and would certainly put a real scare in crypto bulls convinced the asset will soon rise beyond $20,000.
In the chart above, AMZN shares plummed by more than 66% following a parabolic rise that brought the stock price to its first higher high after the dot-com bubble burst.
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