Back in March of 2020, those taking position ahead of the Bitcoin halving were blindsided by the Black Thursday market selloff, driven by panic at the onset of the COVID pandemic and subsequent lockdowns. With the new Omicron strain making headlines, and lockdowns once again considered, could the cryptocurrency market be facing another dangerous macro storm and catastrophic collapse? Omicron & The Return Of The Black Swan Trend Line According to Wikipedia, a black swan is “an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight.” Black Thursday in March 2020 classifies perfectly as such. COVID came, the market panicked, and Bitcoin collapsed back to $3,800 at the low. It turned out to be a huge overreaction. Related Reading | Want To Learn Technical Analysis? Read The NewsBTC Trading Course Despite the “surprise” factor of the event and the fact no one saw COVID coming, technical analysis proves that these black swan events can be predicted to a point. But what if two black swan events were to happen from touching the same trend line. Would these really be considered black swan events? That’s exactly what’s at risk, given the recent Omicron strain news and related panic, and the fact that Bitcoin price is indeed up against the very trend line that was used to predict Black Thursday’s eventual...
