This chart draws a parallel between Bitcoin's price action in 2020 (left) and the current trajectory in 2024 (right). On the left, we observe the pivotal lows formed around the $6,000 - $7,000 range in 2020, which set the stage for the subsequent bull market.
A similar pattern is emerging in 2024, with the price consolidating and finding support around the $50,000 - $60,000 range.
In 2020, Bitcoin broke out of a consolidation phase, igniting a powerful bull run that saw prices surge past $20,000. This breakout is mirrored in the 2024 chart, where a similar breakout seems imminent, suggesting a strong upward movement could follow.
The similarities between the two periods are striking, with both showing a strong accumulation phase (highlighted in grey) followed by a breakout above key resistance levels (marked by blue lines). If history repeats itself, we expect a significant bull market to start in 2025, potentially leading to new all-time highs.
Investors should keep a close eye on the $70,000 resistance. A breakout above this level could confirm the beginning of the next bull cycle, echoing the powerful rally we saw in 2020.
A similar pattern is emerging in 2024, with the price consolidating and finding support around the $50,000 - $60,000 range.
In 2020, Bitcoin broke out of a consolidation phase, igniting a powerful bull run that saw prices surge past $20,000. This breakout is mirrored in the 2024 chart, where a similar breakout seems imminent, suggesting a strong upward movement could follow.
The similarities between the two periods are striking, with both showing a strong accumulation phase (highlighted in grey) followed by a breakout above key resistance levels (marked by blue lines). If history repeats itself, we expect a significant bull market to start in 2025, potentially leading to new all-time highs.
Investors should keep a close eye on the $70,000 resistance. A breakout above this level could confirm the beginning of the next bull cycle, echoing the powerful rally we saw in 2020.
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💎💎- Professional Trader
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.