Altcoin Psycho Maps Out Path Ahead For Bitcoin Based On Nasdaq Fractal

According to a popular crypto analyst and trader, known as Altcoin Psycho, Bitcoin’s (BTC) market structure in the past three years are very similar to Nasdaq’s price action during the early 2000s.

In a recent video update, the crypto strategist takes a closer look at Nasdaq performance from 2003 to 2008 to have outlook how Bitcoin might move in the short term.

“You’ve got your downtrend (2003). You’ve got a clear low that was defined with a bounce, and then you’ve got your double bottom (2004) with a higher low. After you got this double bottom with a higher low, you had a really crazy parabolic run on Nasdaq (2005). 

2005 Nasdaq reminds me a lot of where the crypto markets are today. Once we had this big run up, we kind of created this range. So you have the top of the range and the bottom of the range (2006). You swept the high of that range (2009), and then you also came back and swept the low of that range.”

According to the analyst Bitcoin is right now exactly mimicking the early 2000s Nasdaq chart.

“Same thing here. You’ve got your downtrend… You had your low formed (2018). You had kind of again like a double bottom higher low form (2020)… Markets really took off after we had that double bottom. It’s the same thing: you had your range high form (April 2021), your range low form (June 2021). We just barely swept the range high (November 2021) just like in Nasdaq of 2005…

If we do end up following that, then technically Bitcoin would sweep this low as well, which would put us at around $29,000.”

If BTC continues to follow the early 2000s Nasdaq path, it is looking at approximately 30% correction from its current valuation of $40,620.

While the Nasdaq fractal indicates short-term bearish Bitcoin, Altcoin Psycho notes that the Nasdaq sparked on a huge rally in 2010 that continues still today.