Analyst says that History is Repeating for Cryptocurrency Hodlers into May 2021
In the latest video, Altcoin Daily reveals with their 684K subscribers that the history of the cryptocurrency market for May 2021 is repeating itself.
At the beginning of the video, the traders say that Bitcoin (BTC) is entering in a very interesting price action of its 4-year cycle, starting with the recent deepest retracement since Black Thursday.
“Bitcoin’s weekly RSI has crashed to levels comparable to that of the corrections produced during the first part of the 2017 bull run before Bitcoin hit hyperspace”.
Altcoin Daily then cites a tweet that makes comparisons about Bitcoin price action in the bull market.
‘It is very similar, yet taking the previous ATH as a starting point gives a better fit (aligns ATH’s). The reasoning is that the halving initiates the supply shock and when reaching the previous ATH it initiates awareness and the bull trend”.
In the second part of the video, the analysts update on the latest Bitcoin news: JPMorgan to let clients invest in Bitcoin fund for first time.
“JPMorgan Chase is preparing to offer an actively managed bitcoin fund to certain clients, becoming the latest, largest and – if its CEO’s well-documented distaste for bitcoin is any indication – unlikeliest U.S. mega-bank to embrace crypto as an asset class”.
Further, they also reveal that The JPMorgan bitcoin fund could roll out as soon as this summer 2021.
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