- Bitcoin following similar price pattern to Amazon stock before the big Amazon rally
Twitter crypto enthusiast LomahCrypto has noticed that Bitcoin is following a similar price pattern to Amazon stock before it had a major price breakout. Indeed, the similarity between the Bitcoin price chart and the Amazon stock chart is uncanny.
*Takes a big hit of hopium* pic.twitter.com/ncNSspW36a
— Loma (@LomahCrypto) April 6, 2020
Essentially, both Amazon and Bitcoin had major rallies followed by a steep price collapse and a years-long bear market, before staging a recovery rally only to start declining again before getting back to all-time highs. After that, Amazon went on to soar to record highs, and the question is, will Bitcoin continue following the pattern of Amazon stock and go to record highs as well?
Although comparing Bitcoin to Amazon Stock is like comparing apples to oranges, perhaps this pattern will actually play out for Bitcoin since the block halving in May has strong potential to induce a major Bitcoin rally. Indeed, after each previous block halving, Bitcoin went to record highs.
Therefore, perhaps this comparison between Bitcoin and Amazon stock has some meaning, even if it is a reach.
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