On Thursday night (2), Bitcoin lost 6% of its value in less than an hour, worrying investors. Now the same investors are waiting for the “reverse Bart Simpson pattern” throw Bitcoin back to $23,400.
While not featured in any technical trading analysis book, the Bart Simpson pattern has been circulating in the cryptocurrency community for years.
Such a pattern is easy to recognize. As the name suggests, the chart resembles Bart Simpson’s head after the price of the asset suddenly shoots up, flattens for an extended period of time, and then suddenly returns to its original price.
In the image below we see an example of what happened in 2020, when Bitcoin tried to break through the $10,000 range.
The community is hoping for a reversed Bart Simpson pattern
Now, however, the community is waiting for Bart Simpson’s pattern. other way around. That is, it would be the same pattern but with Bart upside down, pushing Bitcoin back to $23,400.
“I know we are all thinking about this. #bitcoin”
I know we all think it. #Bitcoin pic.twitter.com/uNxedPrgDR
— Dan Crypto Trades (@DanCrypto) March 3, 2023
Despite looking less credible than more mainstream standards, so to speak, Bart Simpson has made several appearances on the charts. Another example occurred in March last year when the cryptocurrency traded close to $40,000.
Finally, it is difficult to explain the reasons for the formation of this pattern. One would be the abrupt move caused by a big investor but rejected by other traders in the market.
The Simpsons and Bitcoin
While the Bart Simpson pattern didn’t appear on Bitcoin until 2018, according to internet records, the creators of the Simpsons were talking about the largest cryptocurrency on the market long before that, in 2014.
“Send me your lunch money online. Accept Bitcoin.”
Later, the series returned to talk not only about Bitcoin, but also about its creator, Satoshi Nakamoto. Back in 2020, Bart Simpson himself claimed that the Ripple cryptocurrency (XRP) would reach $589, which is hard to believe.
Finally, the Bart Simpson pattern may not even be useful for trading Bitcoin, at least for professionals, it is still a great tribute to giving back, created by a very creative community.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
