The Crypto Market Is In Fierce Debate: Is The Top Of The Bitcoin Bull In? Bears drooling on cheaper coins say yes, while bulls looking through the stock-to-flow forecasts say otherwise. But what is that?
A secondary conflict surrounds the topic: “If that was a top, it sure doesn’t look like it.” And while that’s actually true, you don’t have a cow, man. We’re about to explain why the recent top heralded the return of Bart Simpson, and why the move likely happened the way it did.
“If this is the spike in Bitcoin, it doesn’t look like a spike.”
Even if you’re not a pro at technical analysis and can’t read a chart when your life depends on it, it’s pretty clear that the top and bottom hit a sharp point most of the time – a sign that a recovery is imminent and the violence left behind.
Rounded bottoms are common but are a slow process and extend over a long period of time.
Related reading | Bear phase fractal warns of pain, Bitcoin Bull Market remains unbroken
The shape and pattern of the recent Bitcoin top has puzzled many traders and analysts. Where is the blow off phase? Where’s the bearish retest? What kind of pattern is that anyway? All of these questions are used as firepower to argue that this isn’t a top.
The spiky pattern with multiple sharp points in the resistor instead looks like the top of the head of a famous cartoon character: Bart Simpson.
Bart moves are back in BTC | Source: BTCUSD on TradingView.com via Twitter
I’m Bart Simpson who the hell are you?
The character Bartholomew JoJo Simpson, or Bart for short, first appeared as a short film on the Tracey Ullman Show in 1987. A special show that first aired in 1989 and has been running ever since.
The animated character is a television icon and the show is a pop culture phenomenon loved by millions. Then why are crypto traders so upset when Bart appears on the Bitcoin price chart?
Related reading | Eat My Shorts: Everything You Need to Know About the Bitcoin Beard Pattern
“Beard moves”, as the community calls it, results from low liquidity. During such phases, whales can easily drive price movements through trading areas. Bitcoin, with a market cap of more than a trillion dollars, tames the entire liquidity argument, but when the order books are thin because everyone is holding up, a whale can make waves as easily as we saw recently.
This high-timeframe beard step is the biggest in history, and shows that more coins need to be swapped out to keep the price hike going. Order books should be stacked for additional benefits. At the moment, the cryptocurrency is again a playground for whales – either until the buying or selling picks up.
Featured image from iStockPhoto, Charts from TradingView.com