Is The Bitcoin Rally Over? Here’s What Historic Patterns Suggest

Share This Post

Bitcoin All Time High

The post Is The Bitcoin Rally Over? Here’s What Historic Patterns Suggest appeared first on Coinpedia Fintech News

As the cryptocurrency market approaches the holiday season, analysts, including Crypto Jebb, are drawing parallels between current Bitcoin trends and historical patterns observed in 2017 and 2020. At this time of year, Bitcoin was previously hovering just below its all-time high of $20,000.

Over the past seven years, Bitcoin has frequently broken through resistance levels, but the current situation resembles only one previous instance—late 2020—when the cryptocurrency surged following the onset of the COVID-19 pandemic and substantial monetary stimulus from the Federal Reserve.

During that period, Bitcoin experienced a breakout, reaching $65,000 within six months after initially struggling around the $20,000 mark. Although Bitcoin recently reached a price of $73,700, inflation has impacted comparisons to past highs, prompting analysts to suggest that recent price movements should be viewed in the context of currency devaluation.

Currently, expectations are high for Bitcoin to find support around the $70,000 mark. Analysts expect a pattern similar to 2020, where a small correction might occur followed by a more significant pullback. If historical trends hold, this could lead to another test of the all-time high in the near future.

New Highs or Sideways Action?

Jebb described the current market dynamics as a “change of character,” a term from Lux Algo’s terminology, which signifies a transition in market behavior. He explained that Bitcoin has experienced two major phases in the last six months: a corrective phase followed by a bullish breakout from a falling wedge pattern.

As the market moves rapidly, Jebb warned that Bitcoin cannot maintain its parabolic uptrend indefinitely. A sideways trading period is likely, during which Bitcoin may either consolidate or experience a sharp surge toward new highs, potentially reaching $80,000 to $90,000.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Enters ‘Second Breakout Of The Cycle,’ Analyst Puts Peak Above $150,000

The Bitcoin price could see its second massive breakout in this current market cycle, as a crypto analyst has predicted a peak above $150,000 for the pioneer cryptocurrency This bullish forecast

Crypto For Secrets: Chinese Man Sentenced To Life For Selling State Info

State authorities in China are now patching loopholes in the national confidentiality regulations after they discovered that one of their colleagues assigned in a confidential unit sold state secrets

What to Expect for Crypto Under Trump’s New Administration

A Moody’s digital assets expert outlines how a Trump administration and pro-crypto Congress could reshape US crypto regulation, hinting at major industry impacts Expert Analysis: How Trump’s

What’s Next for XRP? Ripple CEO Discusses Crypto Landscape Shift

Ripple and XRP could face a turning point as new pro-crypto regulatory shifts promise renewed hope and potential resolution to years-long legal battles XRP’s Future: Ripple CEO Hints at a New

Bitcoin Analyst Sets $88,800 Target As BTC Breaks ATH 3 Days In A Row – Details

Bitcoin is on a record-breaking run, reaching new all-time highs for three consecutive days following Donald Trump’s victory in the US election and a recent 25 basis point rate cut by the Federal

6-Figure ‘Treasury Asset’ Bitcoin Price Possible By Year-End—Market Expert

The momentum is on Bitcoin and crypto’s side, and it wouldn’t be surprising if the price surge continues until the end of the year One of the biggest drivers of the current performance of Bitcoin