Crypto Analyst Reveals Uncanny Similarities In The Bitcoin Charts Of 2020 And 2023
December 14 2023 - 5:00AM
NEWSBTC
A crypto analyst has revealed what seems to be one of the most
uncanny similarities in two separate Bitcoin charts. The two charts
taken from 2020 and 2023 show a very similar price trend, and the
most important part is what happens if Bitcoin continues to follow
this trend. Bitcoin Charts From 2020 And 2023 Compared Pseudonymous
crypto analyst Crypto El Presidente first shared his comparison of
two Bitcoin charts back on December 1. In this initial post on X
(formerly Twitter), the analyst revealed that the current market
movements matched those that were seen in 2020. Related Reading:
Crypto Pundit Predicts That XRP Price Will Rise “Dramatically,”
Here’s When To make this clearer, El Presidente puts the movements
from both years into consideration when they are both unmorphed and
morphed to scale. The similarities between both trends were eerily
alike, with dips and recoveries at almost the same angles. Then in
a follow-up post, the crypto analyst showed an even more glaring
similarity with a new chart. These charts took the Bitcoin price
movements from the last six months of the year and looked at how
they moved. As shown in the chart, both started out trailing low
but then surged as August moved into view. Then the dips would
happen around September and trail the lows once more before
recovering again. Then toward November, there was a recovery once
more. While not exactly identical, these dips and recoveries, as
well as subsequent ones, share an obvious likeness that could
continue going forward. BTC bulls reclaim control of price |
Source: BTCUSD On Tradingview.com What Happens If This Trend
Continues? If the historical performance of Bitcoin back in 2020 is
repeating itself once more, then it is very bullish for the price.
This is because 2020 is actually the year the last bull run began.
From December 2020, going into the year 2021, the Bitcoin price
would rise continuously to beat its previous all-time high set in
2018. Related Reading: Shiba Inu Rally To $0.0001? Shibarium
Transaction Count Breaches 90 Million Milestone A repeat of this
trend would mean the recent dip below $41,000 was only a short pit
stop. Furthermore, such a recovery would see the price break above
$45,000 once more, before correcting back downward again, as shown
in the chart. The next leg-up after this dip, however, would be the
main event as the chart shows a push toward $50,000. In such a
case, the price of Bitcoin would be looking at an at least 20%
increase by the time that 2024 rolls around. The significance of
this similarity also doesn’t end at just the 20% increase given
that the 2020 surge kickstarted another bull market. So a repeat of
this would likely mean that BTC is headed into another bull run.
Featured image from Kiplinger, chart from Tradingview.com
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