The crypto market, and more specifically Bitcoin, is at an important inflection point in its existence. Having become a household nearly overnight thanks to the late-2017 media blitz that fueled the cryptocurrency’s meteoric ascent to its all-time high price of $20,000, and the resulting bubble pop that led to the longest bear market on record, Bitcoin needs to once again prove itself in the eyes of investors that its here to stay.
As Bitcoin nears closer to the powerful support turned resistance at $6,000, a clean break of the former springboard and close above resistance could show investors and traders that it’s off to the races for a new bull market. Two separate charts from other financial markets appear to look eerily similar to the path Bitcoin took throughout the bear market until this important turning point, and could hint at what might happen next in Bitcoin price charts.
Turkish New Lira Chart Provides The Bullish Take on Bitcoin Price
In a recent tweet by prominent crypto trader CryptoWolf, the analyst shared a chart with shockingly similar peaks and troughs matching Bitcoin’s 2018-2019 bear markets, and could serve as a bullish prediction for Bitcoin’s path from here.
At that time this was pure hopium. pic.twitter.com/ywU2ggBIn5
— CryptoWolf (@IamCryptoWolf) May 3, 2019
The forex market chart shows the price action of the USD/TRY trading pair. As can be clearly seen, the chart showing the United States dollar paired against the Turkish New Lira very closely resembles each swing high and low of the Bitcoin bear market.
There’s even a V-shaped low following a blow-off top, that developed into what eventually became a failed Adam and Eve bottom. Later, an inverse head-and-shoulders much like the late June, early July bottom in Bitcoin, played out, but failed to reinvigorate bulls enough to end the bearish decline.
After that, support broke, painting a new low that quickly rebounded, revisiting previous highs within a matter of a couple months once…