History, they say, rhymes when it comes to technical analysis, and past patterns could help predict the next price direction. We have seen this play out on different occasions in the past, and it could be happening again for Bitcoin.
Despite the panic about its ongoing price dip, with the BTC price declining by more than 6% in the last 5 days, crypto expert Crypto Rover made a post on X showing that the price pattern could be exhibiting similarities to that of November 2020, when the price consolidated and saw some dips before eventually breaking out to continue the rally.
Following the breakout, the price rallied significantly until around November, reaching a new all-time high. Something similar may be happening now, and the ongoing dip could be merely a retracement before a major rally.
The analyst’s chart predicts the price could exceed $130,000 in the next few months, based on the arrows in his chart.
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BTC to Dip to $85,000 If Current Support Fails
The Bitcoin price dip has continued, and various analysts are trying to determine where the price could reverse. Technical analysis points to a potential reversal at around $90,000 to $92,000. This was also noted by Ali Charts, a prominent crypto analyst.
$91,583 Failing to hold this level could take $BTC to $85,610. https://t.co/7UtIyDdmrm pic.twitter.com/sBTceUXSiF
— Ali (@ali_charts) November 26, 2024
However, with the price already breaking through this support, the analyst sees the price dipping to $85,000 around the 0.618 Fibonacci level drawn on the chart.
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