BTC down 17% in 2 days. But it had happened before.
As of September 25, BTC has lost 17% of its value and it even touched 22% losses, but came back shortly after that and at the moment it is priced around $8300. The downtrend started on 22 of September breaking the $10000 support level.
While the trade volume is considered low and works in favor for this kind of volatility, history charts might have been trying to tell us the same story from their perspective.
As mentioned in a previous article in our website, long before the current price drop, this summer’s bitcoin price chart seemed to be following December’s 2017 price chart in a way.
Now there is a clearer picture as it seems the pattern has made its circle. If we time squeeze or time extend one of the charts we get a pattern very close to December 2017.
BTC Down Due To Psychology And Open Markets Patterns
Now if we get the whole price chart from 2017 until today it seems even more clearer that a pattern is appearing.
It appears, psychology in Bitcoin and open markets in general, plays a more important role as the ecosystem doesn’t sleep because it is global and decentralized. I believe we cannot assess bitcoin the same way that bonds and stocks are being assessed.
It is like comparing apples and oranges just because both of them are fruits we can eat even if they have entirely different properties.
This article does not intend to give any financial advice to its readers and it is purely educational and informative.