Bitcoin’s Price and Jesse Livermore’s Speculative Chart
The Bitcoin price has been moving sideways, with a slight upward trend, resembling Jesse Livermore’s famous “Speculative Chart,” also known as an Accumulation Cylinder. If this pattern holds true, it could push the price of BTCUSD up to $200,000 per coin by the end of the year.
Jesse Livermore: Market Manipulation, Mental Health Issues, And More
Jesse Livermore was a volatile figure in the financial world, going bankrupt multiple times, becoming incredibly wealthy, and eventually succumbing to mental illness and taking his own life. He was known as the “Boy Plunger” and the “Great Bear of Wall Street,” and his actions led to the implementation of regulations we have today. Livermore’s life was the inspiration for the anti-hero in the book “Reminiscences of a Stock Operator.”
Long Live The Accumulation Cylinder, Resurrected In Bitcoin
Livermore, despite his faults, understood how markets worked and was a master speculator. He named the Livermore Accumulation Cylinder, which closely resembles the recent Bitcoin price action. If this pattern holds true, it suggests that accumulation is taking place, and a significant uptrend could be on the horizon. Based on the pattern, Bitcoin could potentially reach $200,000 per coin by the end of the year, but only time will tell if the pattern is accurate.
Hot Take
While the similarities between Bitcoin’s price action and Livermore’s Accumulation Cylinder are intriguing, it is important to approach this speculation with caution. Given Livermore’s legendary status, it is worth keeping an eye on, but past instances of this pattern appearing in Bitcoin have not always been accurate. Therefore, it is essential to exercise skepticism and rely on hindsight to determine the validity of this pattern.
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