Even as Bitcoin (CRYPTO: BTC) drifted lower to the $35,000 range as of early Monday, social media sites were filled with humor about the apex cryptocurrency’s price chart creating a “Pikachu Pattern.”
What Happened: Cryptocurrency journalist Wong Joon Ian joked that Bitcoin investors should stay safe, citing a report by CoinDesk about the cryptocurrency’s price chart creating the Pikachu Pattern.
it’s getting serious out there guys. stay safe. pic.twitter.com/7z0DgPy6Ew
— Wong Joon Ian in KL � (@joonian) January 24, 2022
The “pattern” was highlighted by a Reddit user on the “r/cryptocurrencymemes” forum, who noted that Bitcoin’s price chart resembled the sharply pointed ears of the Pokemon species Pikachu.
One Reddit user joked that the chart indicated people should starting investing in videogame retailer GameStop Corp. (NYSE:GME) or Japanese videogame company Nintendo Co. Ltd. (OTC:NTDOY), while another user said this was the “technical analysis” he wanted on the forum.
Yet another Reddit user argued that the pattern resembled Dogecoin (CRYPTO: DOGE) and not Pikachu.
Meanwhile, a Twitter user noted that the price of Bitcoin has fallen for 73 successive days and investors would have to wait “a little further” for the pattern to exactly resemble the earlier fall in the price for 95 consecutive days.
#Bitcoin has been going down for 73 days.
Are we there yet?
Just a little further… pic.twitter.com/lIRgmjCicT— Bitcoin Archive (@BTC_Archive) January 23, 2022
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin and other major cryptocurrencies continued to slide early Monday, after plunging over the weekend in tandem with the stock markets. Investors are worried about how potential interest rate hikes by the U.S. Federal Reserve will impact the markets.
The world’s largest cryptocurrency by market capitalization is down 49.5% from its all-time high of $68,789.63 reached in November last year.
Price Action: Bitcoin is down 3.8% during the past 24 hours, trading at $34,669.23 at press time.
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