Bitcoin Fractal Sees Price Crashing to $20K as Price Hits Record High

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Bitcoin bulls may be in for a shock as an old fractal predicts a price crash to $20,000. First spotted by Jacob Canfield, an independent market analyst, the fractal highlights Bitcoin’s tendency to fall towards its 21-week exponential moving average or yearly support after reaching its all-time high. For instance, in the 2013-2014 session, the cryptocurrency retreated by 36 percent after rising by more than 600 percent to its then-record high of around $1,165. Bitcoin fractal from 2013-2014. Source: BTCUSD on TradingView.com Nonetheless, Bitcoin found concrete support near its 21-EMA wave, following which it continued its uptrend to record fresh highs. Mr. Canfield feared that traders might use the old fractal as their cue to short Bitcoin specifically as its rally turns overheated. He stated that at near $30,000, the cryptocurrency “is at the perfect 1.618-extension” (referring to the Fibonacci retracement graph between $3,149-low and $19,792-high). “As it stands, the…

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