Apr 21, 2023
Bitcoin Tumbles Below $29,000, Bart Simpson Pattern Emerges
The price of Bitcoin (BTC) dropped below the $29,000 mark on April 20, as bulls struggled to regain control of the market. According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair dropped to $28,800 on Bitstamp. Although there were brief drops below $28,600, buyers quickly stepped in and pushed the price back up.
Lead on-chain analyst at Glassnode, Checkmate, noted that while the Bitcoin market is correcting, traders are still taking profits. He added that he is waiting for realized losses to take control, which could be a sign of “panic” among those who bought BTC when it crossed the $30,000 threshold earlier this month.
Analyst Matthew Hyland noted that the Bitcoin Relative Strength Index (RSI) had dropped to one-month lows on daily timeframes. This could indicate that a reversal is in the works, and that BTC/USD could soon break out of its current range and move higher.
Popular trader and analyst Jelle also observed a “Bart Simpson” pattern in the BTC/USD chart. This pattern is characterized by a spike higher, followed by a plateau and subsequent retracement, and then a breakout even higher. Jelle believes that if $28,800 acts as a bottom, then BTC/USD will break $30,000 soon after.
John Bollinger, creator of the Bollinger bands volatility indicator, commented that Bitcoin had pulled back to its middle Bollinger Band and its prior breakout level. He cautioned that this could be a “logical place” for the price to be, and urged investors to pay attention.
All of this suggests that the crypto market is in a state of flux, and that it is important for investors to stay informed and pay close attention to the market. In particular, those looking to promote and sell NFTs should consider working with a web3 agency or NFT marketing agency to ensure that their promotions are effective and reach the right audience. With the right strategy in place, it is possible to leverage the power of Twitter NFT marketing to reach a wider audience and increase sales.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
