Now here’s an interesting pattern if you like a little TA. Bitcoin trader and analyst Loma drew an extremely interesting parallel between Amazon and Bitcoin. Will Bitcoin follow this Amazon bull market setup and break $20K in the next couple of years? Let’s take a look.
Bitcoin Looks a Lot Like Amazon Pre Bull Market
Loma adds a disclaimer to his tweet. He says:
Takes a big hit of hopium
While the patterns are uncannily similar, it’s like comparing oranges and apples. Amazon is a publicly listed company that’s been one of the hottest tech stocks of the century. The company boasts more than 156 million Amazon Prime members around the world–that’s more than the entire number of Bitcoin wallets in existence right now.
*Takes a big hit of hopium* pic.twitter.com/ncNSspW36a
— Loma (@LomahCrypto) April 6, 2020
Moreover, take a closer look at the chart and you’ll see that Loma has been optimistic in his straight-arrow for Bitcoin. Amazon stock didn’t go up overnight, it made incredible gains but not always in a straight line–and over the course of a couple of years–not in one month. He also went to comment in the feed below:
This is how it’s done. Unactionable shitposts disguised as fractals LFG
Of course, there was a fair share of comments on his tweet. The Bitcoin camp that will do anything to get their daily dose of hopium applauded. Some skeptical-minded traders pointed out that the analysis conveniently missed part of the fractal.
But sir what about this part of the fractal? pic.twitter.com/P7D2RJvFyb
— AaronL 🦬 (@aaronlyy_) April 6, 2020
One of his followers also said:
Almost everyone’s forgetting about the massive accumulation pattern that follows, there’s a reason certain individuals are in ghost mode why others are in a tweetstorm. Pay attention, we got a long way to go but the bottom is in for sure.
Nevertheless, this comparison shows that Bitcoin appears to be on the right track towards reclaiming it’s previous all-time high price of $20,000. Right now, a huge amount of uncertainty among traders is preventing a clear breakout in either direction, but if the leading asset can hold on to the $7,000 support this week it may help boost sentiment.We almost certainly will go to $20K and beyond, but it won’t be in a straight line, and it’s unlikely that it will be in the coming weeks.
Do you think Bitcoin will continue to follow Amazon’s pre-bull market pattern?
Images via Shutterstock, Twitter @aaronlauyy @LomahCrypto