How Bitcoin “Black Thursday” Compares to this Weekend’s Flash Crash

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Bitcoin is barely recovering from a bloody weekend. Trading at $56,767 with 2.8% profit in the daily chart and a 5.6% loss in the weekly chart, BTC’s price outlook might seem bearish. BTC barely recovering in the daily chart. Source: BTCUSD Tradingview However, investor Nik Yaremchuck shared a fractal comparing Bitcoin’s worse period in 2020 and the weekend’s flash crash. As can be seen below, the “liquidation machine” from the past days drew the same pattern as last year’s “Black Thursday”. At that moment, Bitcoin’s price traded as low as $3,500 wreaking havoc across the crypto market. But the fractal tells a story of optimism. BTC was able to make a quick recovery post the crash and accumulated momentum during the future months to reach an unexplored territory. Therefore, Yaremchuk said: “so now we’re expecting a new Olympus ASAP”. I love that this nuke compares to last year's COVID crash,…

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