Bitcoin (BTC) won’t have to worry traders after its biggest single-day decline in 2023 if a single chart fractal occurs.
in post Popular trader Alan Tardigrade revealed surprising similarities between Bitcoin now and four years ago on X (Twitter) on December 12th.
Bitcoin “Repeats” Rising Trend After Corona
Bitcoin may be struggling to clear key long-term resistance, but BTC price action is “business as usual,” according to one comparison.
Tardigrade uploaded chart fractals from late 2019 to mid-2021, highlighting the blueprint for a Bitcoin bull market that is currently yielding notable gains.
From BTC/USD’s recent multi-year lows in late 2022, the price recovery has substantially followed the 2020-2021 pattern.
Even this week’s decline mirrored similar events on Bitcoin’s path to its all-time high of $69,000.
“Bitcoin is repeating this move in 2019-2021,” Tardigrade wrote in an accompanying commentary.
“Please get some rest.”
Tardigrade is known for its positive view on Bitcoin price changes. Another long-term theory positions 2019 as the start of a much broader “bull market cycle.” One is to set a BTC price target of up to $400,000.
He argues that Bitcoin is now in a phase of “new optimism” after solidifying a “bear trap” at its 2022 lows.
#Bitcoin We have been in a long-term bull market cycle since 2019.
The patterns of a bull market cycle are identified as follows: $BTC And now we have entered the first phase of the Blow-off phase, the ‘Renewed Optimism’ phase.
The next level is “FOMO” once you get over $100,000.
On the stage of ‘Euphoria’… pic.twitter.com/XNdaQoSQ7T— Trader Tardigrade (@TATrader_Alan) December 11, 2023
A new all-time high in early 2025?
Fractals of past price cycles are becoming increasingly common in the current cryptocurrency landscape.
Related: ‘Early Bull Market’ — Bitcoin price prepares for first-ever weekly golden cross.
Last week, another prominent social media commentator known as Nunya Bizniz on X suggested that Bitcoin could repeat its progress from 2020.
Daily BTC:
Look at fractals differently in 2020.
— Nunya Business (@Pladizow) December 9, 2023
Even before the December 11th drop, there is still time for the fractal to continue to emerge.
Meanwhile, follow-up analysis asked how long it would take BTC price to hit a new all-time high. From long-term lows to new highs, the pair has gone four weeks longer with each cycle, with the next cycle lasting 27 months.
This sets the deadline for a new all-time high in February 2025.
BTC Monthly:
From low to new ATH: 15, 19, 23, ……..
Next, 27 months in turn?
— Nunya Business (@Pladizow) December 12, 2023
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.