Analyst predicted the start of a bull market for BTC
A well-known market researcher and Smart Money watcher under the pseudonym bike4sail published an analysis of the bitcoin cryptocurrency (BTC) in social network X. He showed 2 charts of prices of the flagship digital coin paired with the US dollar (USD). According to the specialist, they are very similar and in the very near future the cost of the main virtual currency can go up.
The above charts show a comparison of the current price movement of bitcoin with a similar growth in 2017. Both illustrations show a similar structure, which allows us to draw parallels between the current scenarios and what happened 7 years ago.
The left chart depicts the current situation and notes that bitcoin is trading in a certain range. Its value is gradually approaching the previous all-time high (ATH) of 2021 at $68,907. It is important that the current weekly candle remains above this level, which will signal that the market is ready for further growth. Otherwise, the decline may take additional time to consolidate.
In another chart, an expert demonstrated similar price behavior in 2017, when bitcoin also traded in a range near its 2013 ATH before going sharply higher. This historical context could indicate a possible repeat of the scenario in the current market if key support levels hold.
The analyst said that we should closely monitor the level of $68,907 and use it as a benchmark for further developments in the BTC market. If it is overcome and held, the bull rally will start with a new force in the very near future. Otherwise, it will take a little more time to accumulate strength for the subsequent upward movement.