‘Take some rest and go’ — Bitcoin price copies 2020 bull run fractal
Bitcoin (BTC) should not worry traders after the biggest one-day drop of 2023 if a chart played a fractal.
In a December 12 post on X (Twitter), prominent trader Alan Tardigrade showed uncanny similarities between Bitcoin now and four years ago.
Bitcoin “recurring” growth after covid
Bitcoin may be struggling to clear key long-term resistance, but one comparison suggests that it is “business as usual” for BTC's price action.
Uploading a chart fractal from late 2019 to mid 2021, Tardigrade highlighted a Bitcoin bull market pattern that is now making a significant comeback.
Since the end of 2022 – the most recent multi-year low for BTC/USD – the price recovery has practically followed the 2020-2021 pattern to move.
Even this week's drop is a reflection of a similar event on the way to Bitcoin's all-time high of $69,000.
“Bitcoin is repeating moves in 2019-2021,” Tardigrade wrote in an accompanying commentary.
“Go get some rest.”
Tardigrade is known for its positive action on Bitcoin's price metamorphosis. Another long-term theory places 2019 as the launching pad for a much broader “bull market cycle” – with a BTC price target of up to $400,000.
After cementing a “bear trap” at the 2022 low, Bitcoin is now at a “renewed optimism” level.
#Bitcoin has been in a long-term bull market cycle since 2019. The bull market cycle has been identified in $BTC and is now in the “Renewed Optimism” phase, the first phase of the Blow-off phase. The next phase. When “FOMO” reaches over $100K. At the “Euphoria” stage,… pic.twitter.com/XNdaQoSQ7T
— Trader Tardigrade (@TATrader_Alan) December 11, 2023
A new all-time high in early 2025?
Fractals from previous price cycles are increasingly prevalent in the current crypto landscape.
Related: ‘First Bull Market' — Bitcoin Price Sets 1st Golden Cross Weekly
Last week, Nunia Business, another popular social media analyst known as X, suggested that Bitcoin could resume its growth from 2020 onwards.
BTC Daily:
Check out the 2020 fractal variant.
❓ pic.twitter.com/X3iN20UU2Z
— Nunia Business (@Pladizow) December 9, 2023
Although this comes before the December 11th drop, there is still time for the fractal game to continue.
Further analysis, meanwhile, asked how long it might take for the price of BTC to form a new all-time high. From the long-term low to the new high, the pair took four weeks each cycle, spanning the next 27 months.
This creates a deadline for hitting a new all-time high in February 2025.
BTC Monthly:
Low to New ATH: 15, 19, 23, ……..
Next in sequence, 27 months?
❓ pic.twitter.com/LEKKiC52d0
— Nunia Business (@Pladizow) December 12, 2023
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
