Bitcoin Poised to Reach $100,000 as 2020 Pattern Repeats

The current price trend shows that Bitcoin seems to be repeating the historical pattern of 2020. Such price action would take Bitcoin above $100,000 in the near term.

Bitcoin is currently trading around $95,000, with price movements remaining fairly stable over the past 24 hours as the correction subsides.

According to analysis by Mister Crypto, Bitcoin appears to be recreating a pattern that occurred in 2020, which resulted in a strong rally after surpassing $20,000.

This pattern shows that BTC typically experiences an initial rally, then drops to form a bottom, followed by a recovery that forms a symmetrical triangle pattern before making a big move. Currently, Bitcoin appears to be in the middle of this cycle. After the recent rally, the price has dropped and formed a bottom, which matches the previous cycle perfectly. If the pattern continues, this could be a signal that Bitcoin will soon conquer the $100,000 mark.

BTC NUPL, or Unrealized Profit/Loss Index, is at 0.61 and has been in the “Confidence” zone since October 14. NUPL measures the ratio of unrealized profits to losses, providing insight into market sentiment.