Key Takeaways:
- Bitcoin often shows a weekly pattern of Monday highs followed by Tuesday lows and mid-week rally, according to crypto investor Ted Pillows.
- The weekly pattern also faced “bad reactions” at times, underlining the need for risk management.
- South Korea’s Mirae Assets increases its stake in Strategy by 25%.
Crypto Investor, Key Opinion Leader and Entrepreneur, Ted Pillows, with over 205K followers on X, shared a weekly pattern on Bitcoin’s (BTC) weekly price action. According to Pillows, BTC has been following a surprisingly consistent weekly pattern.
During the week, it tends to reach a high on Monday before being dumped and dipping to a low on Tuesday. Followed by this move, we witness a small rally or pump during the mid-week.
Based on the chart presented by Pillows, BTC typically reaches a peak on Monday, which is labeled as the “Monday high” on the chart in white circles. There’s another label called “Tuesday Low” in green circles, which highlights a pullback and reaching a local low. Each Tuesday low has acted as a short-term bottom within the broader weekly pattern and then BTC usually recovers by midweek.
However, the chart does not have a 100% success or guarantee rate; we can see “Bad Reaction” in yellow circles on the chart. Despite forming a Monday high followed by a Tuesday low, BTC failed to bounce back during the mid-week. The failed rebound attempts made by BTC could be potential warning signs that market strength could have weakened.
Such instances remind us that not all patterns show guaranteed results, emphasizing the importance of risk management. Overall, this chart offers a valuable lesson in market psychology, showing how repeatable price behavior can help reduce emotional decision-making, while also emphasizing the importance of being ready when the pattern breaks.
Moreover, amidst the growing convergence of traditional financial institutions and crypto, according to BitcoinTreasuries, the South Korean financial giant Mirae Asset, with total Assets Under Management (AUM) of $61.4 billion, increased its stake in Strategy (MSTR) by 25%. It currently has MSTR shares worth $153 million.
BTC has risen by 1.15% over the last 24 hours and Pillows predicts BTC could potentially pump again, as the weekly pattern was repeated.
This week, it happened again, and maybe a pump will follow.
