The recent bullish breakout in Bitcoin has caused a massive wave of FOMO as late to the game buyers attempt to get in before the cryptocurrency takes off to a new all-time high.
But one sharp-eyed crypto analyst has spotted a fractal in Amazon’s post-dot-com bubble crash recovery that closely matches the cryptocurrency’s recent price action. If the fractal plays out, and there could be merit behind the expectation thanks to a rare harmonic pattern, a sizable Bitcoin crash could be on the horizon.
Amazon Fractal Should Act As “Anti-FOMO” For Bitcoin Buyers, Analysts Warns
Cryptocurrencies have drawn regular comparisons to the early dot-com days, back when projects appeared by the dozen, all boasting about being the next big thing but instead failing to deliver on promises.
The air and capital eventually came rushing out of both bubbles, bringing valuations back to reality. From the ashes of the dot-com bubble rose today’s giants like Facebook, Microsoft, Google, and Amazon.
The same could be happening again in crypto, and after a bear market, future winners like Bitcoin and Ethereum are emerging strong.
But just like those days, when the winners did begin to stand out from the crowd, the leftover overly bullish sentiment was used to torment bull who thought a full-on recovery was in effect.
Amazon stock shares' post-dot-com recovery had one last rug pull | Source: AMZN on TradingView.com
When Amazon set its first higher high following a higher low, investor enthusiasm picked up too fast, too soon, and a final correction made guessing if a bull market was back even more difficult.
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.
One crypto analyst sees several similarities between AMZN stock shares back…