Bitcoin December Rally To Kick Off Just Like 3 Years Ago

It has been revealed that we might see a huge Bitcoin rally during the last month of 2023. Check out the latest price predictions about the king coin.

According to a prominent analyst, Bitcoin (BTC) is expected to experience a bullish month in December, as it seems to be following a pattern that occurred exactly three years ago.

Kevin Svenson, who has a large following on the social media platform X, suggests that Bitcoin is imitating its late 2020 price action, during which BTC was consolidating at around $14,000 before experiencing a significant upward move.

The trader shares two charts that demonstrate that BTC’s latest market structure and relative strength index (RSI) level are strikingly similar to its Q4 2020 setup. The RSI is a momentum indicator that can indicate the continuation of a trend.

Says Svenson,

“Bitcoin [Oct -> Nov] 2020/2023

Exactly three years ago BTC was sitting in a strikingly similar setup.

The 50 level on the daily RSI was the target before the next leg up.”

According to the trader’s charts, Bitcoin is expected to undergo another corrective move that will lead to the daily RSI falling to the 50 level before the next rally starts.

The trader, Svenson, also observes that Bitcoin bulls have historically been active during the final month of a pre-halving year. The halving, which reduces miners’ rewards by half, is scheduled for April 2024.

Therefore, Svenson says that the holiday season before a halving is usually bullish for Bitcoin. As of now, Bitcoin is trading at $38,026, having gained 1.33% in the last 24 hours.

There have been all kinds of juicy optimistic predictions about the price of the king coin, especially since we are just ahead of the SEC BTC ETF approval, according to the latest predicitons coming from the crypto experts.

It’s been also said that the halving will take BTC straight to the moon as well.