Sat. Apr 20th, 2024

• Bitcoin (BTC) is mirroring its 2020 market structure that saw it rally from $16,000 to $60,000 in a few months.
• Pseudonymous analyst Credible Crypto believes BTC is taking a breather after surging by about 100% this year.
• The trader believes that if Bitcoin breaks out of its current accumulation range, it could hit new all-time highs by the end of 2023.

Bitcoin Price Action Mirrors Moves That Preceded Parabolic Surge in 2020

A closely followed analyst says Bitcoin (BTC) is likely mirroring its 2020 market structure that saw the crypto king rally from about $16,000 to $60,000 in a few months.

Crypto Strategist Predicts Possible Parabolic Rally

Pseudonymous analyst Credible Crypto tells his 345,900 X followers that BTC is likely taking a breather after surging by about 100% this year. According to the trader, Bitcoin’s 2023 price action is reminiscent of its March to August 2020 performance when BTC surged by about 200% prior to a one-month consolidation period.

Similar Technical Context Could Lead To Similar Outcome

Credible Crypto says that the current Bitcoin structure is identical to the one seen at $16k-$18k prior to its 60-day rally to $60k. He notes that fractals are not guarantees but often repeat when the goal and technical context are the same. He adds that neither have significant high timeframe market structures been broken and many are calling for much lower prices – which makes him believe that the goal here is reaccumulation with similar technical context as last time around.

Parabolic Rally Could See New All Time Highs By End Of Year

The analyst says that Bitcoin went on a parabolic rally in 2020 after the reaccumulation phase which he thinks will happen again for BTC this time around with a 120% rally enough for new all-time highs (ATH). He also notes they have twice as much time (four months) now than before to do it by end of 2023.

Trader’s Idea Invalidated If Prices Go Below $24,800

Credible Crypto concluded saying his idea will be invalidated if prices go below 24800$. At time of writing, Bitcoin was worth 26084$.

By admin