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Bitcoin ‘double bottom’ excites bulls as NVT signal predicts major move

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Bitcoin (BTC) is delivering striking similarities to its last bear market but the recent bottom may be its last, research says.

In a tweet on Oct. 31, popular trading account Stockmoney Lizards furthered the bull case for BTC/USD.

Bitcoin “repeats itself” in 2022

The past few days have seen talk of Bitcoin encountering a “double top” with two spikes over $21,000.

The implication is bearish — declining volume suggests that bulls will not be able to flip the level to support, and many expect fresh macro lows to come next.

New analysis offers an alternative, more optimistic, perspective. For Stockmoney Lizards, the similarities between 2022 and 2018 are hard to ignore.

“Bitcoin repeats itself,” it summarized alongside a comparative BTC/USD chart.

That chart compared what happened after Bitcoin hits its 2017 all-time high of $20,000 and 2021 all-time high of $69,000.

After a year-long bear market, BTC/USD approached macro lows in a similar fashion in both 2018 and 2022, it suggests.

As such, the June trip to $17,600 and the lows from the first half of October this year may in fact…

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