Saw a blog last week claiming Bitcoin's chart isn’t looking bearish. But it does seem like a double top on higher timeframes. Remember what happened back in 2021 with that formation? Makes me wonder if things have changed this time around. Can institutions or government demand save it?
Is This Time Really Different for Bitcoin?
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Yeah, I feel like institutions and regulations are stabilizing things now. A bearish market might not look like the past when prices fell hard and took ages to bounce back. I mean, just look at earlier this year Bitcoin dropped below $100k, then bounced back to around $70k, and now it's pushing $100k again.
Could you share that chart? Just wanna make sure we’re on the same page. If I give my take based on a different chart, it could lead to confusion.
He mentioned a higher timeframe. Check the daily chart, and make sure you're looking at BTCUSD. Honestly, I’d agree that it does look like a double top, and if it breaks below $100k, we could be in for a long bearish trend. But we’re not fortune tellers here, just analyzing probabilities. If it dips below that mark, watch for panic selling.
AtomicGweiMember
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#5Aug 27, 2019, 11:50 AM
Could you drop the link to that blog? I’m skeptical about what these writers say, especially if they lack real knowledge about Bitcoin. A lot of speculation going on. History might repeat, but not exactly the same. I think this time could feel different.
"This time is different" is such a classic line in finance. Everyone hopes for it, but reality often tells a different story. The market has cycles that repeat. Betting on this being different is risky.
That’s why I’m not too optimistic about Bitcoin hitting $125k or even $120k soon. This double top could mean we’ve hit the peak or it’s just normal fluctuation before we see new all-time highs soon. I checked the chart and didn’t see the same bearish divergence as back when it peaked at $109k.
shard_2013Full Member
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#8Aug 27, 2019, 08:28 PM
Honestly, I’m not sure what’s coming in the next months. Some say we might not have a prolonged bearish season, but I’m still cautious. There seem to be efforts to keep Bitcoin above $100k. It might be smart to convert some to fiat or stablecoins if you can’t afford to lose profits.
Institutions and governments are definitely shaping Bitcoin’s market trajectory. The length of this bull run has been unusual. The double top could also be tied to ongoing global conflicts impacting the economy. I’m hopeful this recent dip is temporary because the bulls aren’t done yet.
AtomicSageNewbie
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#10Aug 30, 2019, 08:36 AM
Still skeptical about how institutional and government demands might affect crypto. Mind sharing the double top chart? From what I see, current trends reflect the start of a bull market again. Some believe buying Bitcoin now is like grabbing it for $10k back in 2020.
c1pher_viperFull Member
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#11Aug 30, 2019, 10:13 AM
Without seeing the chart, it’s all just speculation. But I doubt we’ll see the same kind of bear season as before. Just because Bitcoin dipped to $40k in the past doesn’t mean it’ll happen again. Demand is up, so prices might stay higher.
Technically speaking, I still see Bitcoin as bullish. Indicators like RSI and MACD suggest it could stay that way. Small corrections happen, but I don't see any major factors pulling it down now. Just gotta stay alert for any bad news.
I’d agree, Bitcoin does seem bullish. But yeah, a lot of misleading info out there. We need to be careful about where we get our knowledge. While patterns may repeat, the prices won’t be the same, given the solid adoption happening.
bridge2016Newbie
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#14Aug 30, 2019, 11:09 PM
The charts show potential for continued strength if conditions hold. I see that, but the future is uncertain. We should strategize for possible peaks around $120k and decide when to take profits.
On the monthly and weekly charts, Bitcoin looks bullish with a few green candles appearing. But chart analysis isn’t foolproof. There's support at around $74k, and if it truly is bearish, it shouldn’t fall below that.
stake_2017Newbie
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#16Aug 31, 2019, 07:20 AM
The double top in 2021 was due to FTX’s massive scam. Expecting another event like that isn’t really realistic. More likely, we’ll rally into September, maybe touch $200k, then crash hard after institutions have bought in.
Are you serious? You’re on a trading forum but don’t know the current Bitcoin chart? It’s wild. As mentioned, Bitcoin already formed a double top. That usually signals a reversal. If you’re not into trading, you might not understand the implications.
From your title, it seems there’s no difference. But things change over time, and careful analysis is key to know when to enter or exit trades.
nonce_2018Member
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#19Sep 1, 2019, 07:29 PM
Bitcoin has shown double tops and other patterns in the past, but those are short-term blips. If you’re a long-term holder, these patterns can actually signal good buying opportunities. Sure, bears might take over, but the market may also stay sideways for a bit longer.
I think the blog’s bearish perspective doesn’t match what I see on the higher timeframes. Looking at weekly and monthly charts, they seem bullish despite some resistance around $107,740. A reversal candle last week shows there's some stubbornness to break through.