We've seen this playbook before...
If you rewind the clock and go back to late 2018, you may recall bitcoin having a massive plunge in November of that year.
Leading up into that plunge we had a series of lower highs and the same low.
Basically we were creating a descending triangle pattern.
Check it out:
As you can see the price was being compressed further and further until the lower support gave way and we plunged to our ultimate bear market low.
Compare that with what is happening now...
Looks pretty similar right?
The other interesting thing is that we had midterm elections in late 2018 as well...
The price plunged shortly after the midterm elections roughly a year after it peaked.
We have a very similar setup right now...
Will history repeat?