As Bitcoin’s (BTC) price floats in the waters of uncertainty in the low $8,000 range, one might wonder how crypto’s largest asset found itself at the bottom of a steep drop after its exuberant price rise from $3,330 to $13,880 earlier in 2019. One explanation could be that the move was simply the market’s reaction to a chart pattern many experts had their eyes on for months.
After its June 26 price high at $13,880, Bitcoin formed a descending triangle, followed by multiple months of consolidation. Near the end of the pattern the digital asset plunged from $9,700 to $8,000, a $1,700 drop in a single day. Bitcoin’s Sept. 24 tumble also occurred just one day after Bakkt launched its physically-settled Bitcoin futures product.