What is the Bitcoin Pikachu Pattern?

Bitcoin was sinking lower over the weekend, seeming almost listless as it hit $35,000 coming into Monday. Meanwhile, social media was abuzz with humorous posts making light of Bitcoin’s price chart and what has become known as the “Pikachu Pattern.” The joke started with journalist Wong Joon who said that Bitcoin investors should be careful after reading a CoinDesk report on the price chart coming out looking like Pikachu. The joke started with a Reddit user who noted that the chart looked like the Pokemon character’s pointy ears. Some thought it looked like the Doge meme that inspired Dogecoin. Still more had to wonder how long Bitcoin will continue to sink, as it’s been falling for 73 days. To be fair, both the crypto and stock markets were falling in anticipation of interest rate hikes from the Federal Reserve. Bitcoin alone has lost almost 50% of its market cap since hitting its all-time high in November. At press time, Bitcoin was down nearly 7%, sitting at just over $33,000 on a light increase in volume and a plummeting market cap.