Bitcoin Flashes the Bart Simpson Pattern After a 25% August Rally
Bitcoin (BTC) has given some of its gains from the sharp August rally, and the retreat is now tracing a familiar outline on the chart.
Analysts have flagged a Bart Simpson pattern forming on BTC. The formation has drawn concern that the decline still has room to extend.
The Bart Simpson Pattern Is Forming on Bitcoin, Here's What It Means
Bitcoin gained 25% in August and pushed through $80,000 late in the month. The asset traded near $77,281 on Wednesday, down 1.42% over 24 hours.
Several analysts flagged the shape on the 4-hour chart. The pattern takes its name from the cartoon character because it resembles his hair.
Price moves sharply in one direction, trades sideways in a narrow range, then snaps back toward the earlier level.
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The setup becomes particularly important if Bitcoin loses the $75,800 level, which another analyst identified as a key threshold. A break below it could confirm the bearish pattern.
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