Top Trader Warns BTC Displaying Patterns Through 2018 Bear Market

April 26, 2023

A well-known crypto strategist is warning that Bitcoin (BTC) is showing a bearish trend that was seen many times during the 2018 bear cycle.

In a new strategy session, anonymous trader Altcoin Psycho says that the 2018 Bitcoin bear market was known for selling late BTC bulls with the “Bart” pattern, which looks like the head of Bart Simpson from “The Simpsons.”

Most of the time, the trend starts with a strong leg up, then a period of consolidation, and then a sell-off.

Altcoin Psycho says that he is starting to see Bart trends on the low timeframe charts of Bitcoin.

“The only thing that makes me a little bit nervous is… you’ve got this liquidity trap right here (above $30,000), and you do have quite a bit of hot air (from $19,000 to $25,000). It’s hard to say exactly if we’re going to just straight Bart down.

We are seeing that algorithm, the infamous 2018-2019 BitMEX Bart algorithm. We’re starting to see them on lower timeframes a bit… Usually when you see it on lower timeframes… you can see it pan out on the higher timeframes.”

Altcoin Psycho says that Bitcoin has already made two Bart patterns on the 12-hour chart this year. The first one happened at the end of January, when Bitcoin went from around $20,000 to almost $25,000, only to fall back to $21,000 in less than two weeks.

The trader goes on to say that Bitcoin also made a Bart pattern right after retracing to $21,000 in February and rising above $25,000 before retreating to $19,000 in March.

Altcoin Psycho also says that the rise of memecoins last week could be a sign that Bitcoin and the cryptocurrency markets as a whole are about to see a sell-off.

“I think it’s pretty easy to know when the markets are in easy mode. It doesn’t take a genius to know. It’s those times when you could throw a dart board at a list of projects and you’ll make money. I think a lot of people generally when that easy mode rotation starts to become a little harder, and that’s usually when you see the memecoins pumping hard.”

At the time this was written, Bitcoin was being sold for $27,424.