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.
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.
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.
