Cryptocurrencies
History Shows This Week’s Bitcoin Rally Could Be Fleeting
- Leading crypto coin breached support on logarithmic chart
- Future returns unlikely to repeat 2017’s gains, Morris says
Photographer: Jung Yeon-Je/AFP via Getty Images
This article is for subscribers only.
This week’s more than 25 percent rally in Bitcoin is impressive, but it doesn’t signal a return to its erstwhile boom years, if its price history is a guide.
The momentum that saw it soar from under $1 to almost $20,000 between 2011 and the end of last year is gone and unlikely to return, according to traders and analysts who look to chart patterns for clues on price direction. That’s because a key uptrend on its logarithmic chart failed, they said.