Bart Simpson

President Donald Trump

Bitcoin

Bitcoin’s latest price action is starting to resemble one of crypto trading’s most recognizable formations, according to analyst Benjamin Cowen.
Cowen, founder of Into The Cryptoverse, <a href="https://x.com/benjamincowen/status/2094927869537341923?s=20" rel="noopener noreferrer nofollow">shared </a>a four-hour Bitcoin chart on X on Sept. 1 with an image of Bart Simpson superimposed over the recent price action.&nbsp;
The chart showed Bitcoin’s sudden August surge followed by an extended period of choppy, sideways trading.
<figure>
 <figcaption>
 Chart shared by Benjamin Cowen on X 
 Benjamin Cowen
 </figcaption>
</figure>
The so-called “Bart Simpson” <a href="https://www.ultimamarkets.com/academy/what-is-the-bart-simpson-pattern-in-trading" rel="noopener noreferrer nofollow">pattern </a>is crypto trader slang for a sharp move higher, a sideways plateau, and an eventual reversal toward the level where the move began.&nbsp;
It resembles the popular cartoon character’s spiky hair, but unlike established technical patterns, it is not a reliable prediction that the final reversal will happen.
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Bitcoin has largely traded sideways since its first major August breakout, oscillating around the upper-$70,000 range after climbing from roughly $64,000.
Two developments on Aug. 19 helped set the backdrop for that rally.&nbsp;
The <a href="https://www.thestreet.com/crypto/markets/gold-bitcoin-rally-as-u-s-treasury-makes-unexpected-bond-market-move" rel="noopener noreferrer nofollow">U.S. Treasury announced</a> it would at least double some longer-dated debt buybacks from $2 billion to $4 billion per operation beginning Sept. 9, a move aimed at improving bond-market liquidity.
Later that day, President Donald Trump <a href="https://www.thestreet.com/crypto/markets/trump-hosts-crypto-executives-at-the-white-house" rel="noopener noreferrer nofollow">hosted crypto executives</a> at the White House and called on Congress to pass a “fair version” of the CLARITY Act, adding to optimism around U.S. crypto regulation.
<h2 id="mark-cuban-questions-bitcoin-rally">Mark Cuban questions Bitcoin rally</h2>
Billionaire investor Mark Cuban had already questioned Bitcoin’s investment case months before the rally.&nbsp;
In May, he said Bitcoin had “lost the plot” after failing to behave like the gold alternative and dollar hedge he once expected. Shortly after the August surge, Cuban argued that the rebound did little to change that skepticism.
Asked by TheStreet Roundtable on Aug. 21 whether Bitcoin’s rebound changed his view,<a href="https://www.thestreet.com/crypto/markets/exclusive-billionaire-mark-cuban-pours-cold-water-on-bitcoins-comeback" rel="noopener noreferrer nofollow"> Cuban said</a>:
<blockquote>
 “Just confirmed what I thought. It took the administration causing a short squeeze to push up the price. Nothing has really changed.”
</blockquote>
His argument fits the concern illustrated by Cowen’s chart. Bitcoin made an abrupt move higher following several catalysts but has yet to establish another clear leg up.&nbsp;
That does not mean the Bart pattern will complete, but a sharp reversal would produce the classic formation.
Bitcoin was trading around $77,986 at the time of writing, up about 0.9% over 24 hours but down 1.4% over the past week, according to <a href="https://app.decibel.trade/trade/BTC-USD" rel="noopener noreferrer nofollow">data </a>by Decibel.
<a href="https://www.thestreet.com/crypto/markets/mushroom-penny-stock-surges-350-for-a-bizarre-reason" rel="noopener noreferrer nofollow">Related: Mushroom penny stock surges 350% for a bizarre reason</a>

Bitcoin flashes crash warning as 'Bart Simpson' pattern returns

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