Bitcoin has finally seen some strength after days upon days of consolidating in the low-$ 9,000s.
As reported by NewsBTC, the cryptocurrency saw a sudden breakout on Monday. BTC reached a local high of $ 9,800, the highest price in one and a half weeks.
BTC’s strength was seemingly related to that of the Nasdaq. The leading equities index hit a new all-time high during Monday’s session as Microsoft and Netflix set new highs.
According to a fractal analysis by a cryptocurrency trader and author, the recent surge may be just the start of a greater rally.
Related Reading: Crypto Tidbits: Bitcoin Holds $ 9k, Ethereum DeFi Gains Traction, Trump Talked BTC in 2018
A Bitcoin Fractal Predicts $ 15,000 Is in BTC’s Scopes
For those that don’t know of fractals, a quick summary:
In financial markets, traders use the term “fractal” to describe a recurring price pattern across different time frames and assets. As Investopedia explains:
“Fractals also refer to a recurring pattern that occurs amid larger more chaotic price movements.”
Bitcoin trader and technical analysis author Tyler D. Coates recently identified one such fractal. He shared the chart below on June 21st illustrating this sentiment.
It shows that Bitcoin’s price action since the 2017 blow-off peak looks much like the blow-off peak in 2014. The consolidation seen after the 2017 peak also looks like the consolidation seen after the previous cycle.
Coates’ chart suggests that if BTC follows the rest of the fractal, it will trade above $ 15,000 by July/August.
Bitcoin fractal analysis comparing 2013-2016 price action to price action over recent years. Chart by Tyler D. Coates (@Sawcruhteez on Twitter); chart from TradingView.com
As reported by NewsBTC previously, another trader suggested that Bitcoin’s price action is similar to that seen at year-end 2016:
“Scary fitting fractal from EO 2016 Cut of the top part to not trigger anyone If we see anything like it… inverse capitulation becomes real,” he remarked in reference to the chart below and how crypto investors are expecting ‘capitulation.’”
The trader that suggested this fractal is the one who predicted Bitcoin would see a V-shaped recovery. He made this prediction literal hours after the crash to $ 3,700.
Only Adds to the String of Positive Signs
The fractal aforementioned only adds to the string of positive signs boosting the Bitcoin bull case.
PayPal was revealed on Monday to be working on crypto support, according to CoinDesk. Three sources told the outlet that the fintech giant may soon support the purchase of sale of digital assets like Bitcoin.
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. They are going to have some sort of a built-in wallet functionality so you can store it there.”
The news has been seen as bullish as it may mean PayPal’s 300 million+ active users will gain their first exposure to Bitcoin.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com There's An Eerie Bitcoin Fractal Shows It's a Matter of Time Before $ 15k