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BTC Bitcoin's trend returns to its classic pattern. Analysts: Be wary of the "Bart Simpson" trap
According to well-known analyst Benjamin Cowen, Bitcoin's recent price behavior has begun to take on one of the most recognizable technical forms in cryptocurrency trading. Cowan, founder of Into The Cryptoverse, shared a four-hour Bitcoin chart on the X platform on September 1, and superimposed the image of the character Bart Simpson in The Simpsons on recent price movements.
The chart shows that Bitcoin experienced a sharp rise in early August, and then entered a long period of volatile consolidation, with prices fluctuating up and down within the range.
What is the "Bart Simpson" form?
The so-called "Bart Simpson" pattern is slang among cryptocurrency traders to describe a specific price structure: first, a rapid and sharp rise, then a horizontal consolidation platform period, and finally a reversal occurs, with prices falling back to pre-launch levels. This shape is named because its silhouette resembles Bart Simpson's trademark spiky hairstyle.
However, unlike the historically proven classic technical forms, the "Bart Simpson" form does not have extremely high reliability and does not guarantee that the expected reversal will eventually occur.
Market background and policy catalysis
Since breaking through key resistance levels in early August, Bitcoin has mostly been sideways, fluctuating around a range above $70,000 after climbing from around $64,000. Two important events contributed to this rally on August 19:
- U.S. Treasury adjusts debt repurchase program: announced that it will double the size of some long-term Treasury bonds from at least $2 billion to $4 billion each, effective September 9. The move aims to boost liquidity in the bond market.
- White House Crypto Summit: Later that day, U.S. President Trump met with crypto industry executives at the White House and called on Congress to pass a "fair version" of the CLARITY Act, which further boosted market optimism about the U.S. crypto regulatory environment.
Mark Cuban questions Bitcoin investment logic
Billionaire investor Mark Cuban questioned the value of Bitcoin months before the rally. In May of this year, Cuban said Bitcoin had "lost its way" after failing to demonstrate the characteristics of a "gold substitute" or a "dollar hedging tool" that it had expected. After the price surge in early August, Cuban believes the rebound has not changed his skepticism.
In an interview on August 21, when asked if the backlash had changed his opinion, Cuban responded: "It just confirms what I think. This price increase was caused by a management-induced short squeeze, and other than that, there has been no substantial change in fundamentals."
Cuban's views coincide with the market concerns revealed by Cowan's chart. Bitcoin has experienced an abrupt upward movement under the action of multiple catalysts, but another clear upward trend has not yet been established. This does not mean that the "Bart" form will inevitably be completed, but if there is a drastic reversal, a classic structure of this form will be formed.
As of writing, Bitcoin was trading at approximately US$77,986, up approximately 0.9% in 24 hours, but down 1.4% in the past week.
