- Bitcoin price action over the last few weeks resembles the one seen in 2019.
- If the history from 2019 repeats, BTC could be coiling up for a massive upswing.
- Investors need to pay close attention to the $25,000 to $24,000 level, a retest of which could be a perfect place for accumulation.
Today we’re going to be taking a quick look at Bitcoin price and how it plays a major role in directing where the markets go. A repeating price fractal hints that the recent retracement could be setting the stage for a massive bull run for cryptocurrencies.
Also read: Bitcoin Price Forecast: Can BTC bears manifest a 30% crash?
Bitcoin price action similarities between 2019 and 2023
The conclusion of hash rate wars in 2018 saw Bitcoin price crash from roughly $6,000 to $3,000. This sudden drop formed a local bottom for BTC, which was followed by 107 days of consolidation.
This consolidation ended on April 1, when Bitcoin price shot up and formed a bullish divergence on the daily chart. The setup was followed by a 173% upswing in the next two months, which pushed BTC to form a local top at $13,880.
In 2023, a similar setup has formed, indicating that the ongoing coiling up is likely to lead to a similar outlook. While a 173% upswing is unlikely, investors can expect Bitcoin price to push deeper into the weekly Bearish Breaker area, extending from $29,247 to $41,273.
The likely targets are the midpoint of the said breaker at $35,260 and the range high at $41,273.
BTC/USDT 1-day chart
For more information on Bearish Breaker setup, read this: Where will the 2023 crypto bull rally top? – ICT
As detailed above, this run-up has two potential scenarios on how it could play out:
- A continued uptrend to $35,260 and $41,273 levels.
- A retracement to two crucial levels at $25,205 and $24,303 followed by a run-up to the $35,260 and $41,273 levels. As seen, the second scenario will allow sidelined buyers an opportunity to accumulate BTC.
Important reads
Bitcoin Weekly Forecast: BTC loses directional bias, leaving holders guessing its next move
Ethereum price pauses its plummet, here’s what ETH holders can expect next
XRP price reveals Ripple bulls big picture plans for holders and it includes 50% rally
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