Bitcoin Price Patterns Echo Prior to 2020 Parabolic Surge: Insights from Cryptocurrency Strategist

A prominent analyst suggests that Bitcoin (BTC) could be emulating its 2020 market framework, during which the leading cryptocurrency surged from approximately $16,000 to $60,000 within a matter of months.

Pseudonymous analyst, Credible Crypto, shares insights with his 345,900 strong followers, indicating that BTC might be undergoing a period of consolidation following a remarkable 100% surge this year.

According to this trader, the price movement of Bitcoin in 2023 draws parallels with its performance between March and August 2020, a time when BTC witnessed a surge of around 200%, followed by a month-long consolidation phase.

"The present structure mirrors what we observed in BTC at the $16,000-$18,000 range before a 60-day rally to $60,000.

While fractals don't provide certainties, they often replicate when the objectives and technical context align.

In this instance, both structures are predominantly sideways, ranging formations that emerge post a distinct upward momentum, coupled with a rapid rally from a significant low. This indicates a re-accumulation objective with a similar technical backdrop.

In both scenarios, no major high-timeframe market structure has been breached.

In both instances, there's a chorus of predictions for considerably lower levels."

Credible Crypto affirms that Bitcoin embarked on a parabolic surge in 2020 after the reaccumulation phase, and he envisions a similar pattern for BTC this time.

"A breakout from the previous accumulation range was the catalyst for the subsequent significant surge that propelled Bitcoin up by 200% within two months.

A 120% rally post breaking out from this accumulation phase could propel us to new all-time highs (ATH). Interestingly, this time, we have twice the duration (four months) to achieve this milestone in 2023. Hence, do I hold the belief that Bitcoin can achieve new ATH this year? Absolutely.

The analyst highlights that his proposition would lose credibility in the event that Bitcoin drops beneath $24,800.

As of the current moment, Bitcoin holds a value of $26,084.

Aug 21, 2023