Bitcoin Price Mirrors Historical Pattern That Led To $1,200 Surge, Will History Repeat Itself?
May 20 2024 - 5:00PM
NEWSBTC
Crypto analyst TechDev has provided insights into the Bitcoin (BTC)
future trajectory. The analyst hinted that the flagship crypto was
currently mirroring its price action in 2017 and could soon make a
parabolic rise like it did back then. History Could Repeat
Itself TechDev shared a chart on his X (formerly Twitter)
platform with the caption, “The more things change, the more they
stay the same.” The chart showed that Bitcoin’s current price
action was mirroring that of the 2017 bull run when it recorded a
price gain of 1,200% on its way to a previous high of
$20,000. Related Reading: This Crypto Trader Just Sold All
His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why
Interestingly, just like in 2017, when Bitcoin’s price bottomed
following the Bitfinex crash, the crypto token also looked to have
bottomed in this market cycle when FTX, another crypto exchange,
collapsed. Back then, Bitcoin consolidated for some time before
enjoying a parabolic rally, which made it reach $20,000 in
2018. As TechDev suggested, history could repeat itself with
Bitcoin consolidating ahead of a move that could send it to as high
as $100,000. From the chart the crypto analyst shared, one could
see that Bitcoin has consolidated longer in this market cycle than
it did in 2017. However, crypto analyst Rekt Capital hinted that
this longer period of consolidation was necessary. He
mentioned that Bitcoin was accelerating by almost 200 days in this
market cycle and added that consolidating for longer will help it
resynchronize with previous bull cycles. This strategic
consolidation is a reassuring sign of Bitcoin’s stability and
potential for growth. Meanwhile, in a recent X post, he revealed
that Bitcoin was already attempting to perform the “post Bull Flag
breakout retest,” which could secure a trend continuation to the
upside. In a subsequent X post, Rekt Capital shared a chart
showing that a breakout from the $66,000 range could kickstart the
continuation of Bitcoin’s bull run, which could well send its price
above $100,000. “Optimal Targets” For Bitcoin In This Market
Cycle Crypto analyst Mikybull Crypto mentioned in an X post that
the optimal targets for Bitcoin in this bull run should be between
$138,000 and $150,000. Interestingly, he made this statement while
revealing that the crypto’s current price action is mirroring that
of 2017. The crypto analyst’s prediction suggests that Bitcoin
enjoying a 1,200% price gain (like in 2017) is unlikely.
Related Reading: Cardano Whales Return To The Table, Increase
Massive Holdings By 10% However, it is worth noting that other
crypto analysts like PlanB have offered more bullish predictions
for Bitcoin, which indicates that the flagship crypto could still
see a 10x increase from its current price level. Specifically,
PlanB predicted that Bitcoin could rise to as high as $1 million in
2025, which would be the market top for the crypto token. At
the time of writing, Bitcoin is trading at around $67,000, down in
the last 24 hours, according to data from CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
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