The crypto market is hotly debated: is the top of the bitcoin bull market in there? Bears drooling on cheaper coins say yes, while bulls looking through the stock-to-flow forecasts say otherwise. But what is it
A side conflict surrounds the subject: “If that were a top it sure doesn’t look like it.” And while that is indeed true, you have no cow, man. We’ll explain in a moment why the latest top spearheaded Bart Simpson’s return and why the move likely happened that way.
“If this is the top in Bitcoin, it doesn’t look like a top”
Even if you’re not a professional at technical analysis and couldn’t read a chart if your life depended on it, it’s pretty clear that most of the time the ups and downs come to a sharp point – a signal of recovery is imminent and the Violence left behind.
Rounded floors are common, but they are a slow process and tend to stretch over a long period of time.
Related reading | Bear phase fractal warns of pain, Bitcoin bull market should remain unbroken
The shape and pattern of the recent Bitcoin “top” has puzzled many traders and analysts. Where is the blow off phase? Where’s the bearish retest? What kind of pattern is that anyway? All of these questions are used as firepower to argue that this isn’t a top.
The spiky pattern with multiple sharp resistance peaks instead looks like the tip of the head of a famous cartoon character: Bart Simpson.
Beard moves are back in BTC | Source: BTCUSD on TradingView.com via Twitter
I’m Bart Simpson who the hell are you?
The character Bartholomew JoJo Simpson, or Bart for short, first appeared as a short film on the Tracey Ullman Show in 1987. A special show first aired in 1989 and has been running ever since.
The animated character is a television icon, and the show is a pop culture phenomenon loved by millions. So why is the crypto trader so upset when Bart appears on the Bitcoin price chart?
Related reading | Eat My Shorts: Everything You Need to Know About the Bitcoin Beard Pattern
“Bart moves”, as the community calls them, result from low liquidity. During such periods, whales can easily drive price movements through trading ranges. Bitcoin, with a market cap of more than $ 1 trillion, tames the general liquidity argument, but when the order books are thin because everyone is holding up, a whale can make waves as easily as we saw recently.
This high timeframe beard movement is the largest in history and shows that more coins need to be swapped out to keep the price hike going. Order books should be stacked for further upside. At the moment, the cryptocurrency is once again a playground for whales – either until the buying or selling increases extremely.
Featured image from iStockPhoto, charts from TradingView.com