Bitcoin Price Mirrors The Parabolic Surge in 2020

An analyst who is closely watched has suggested that Bitcoin (BTC) is repeating its market structure of 2020, which saw the cryptocurrency rise from roughly $16,000 to $60,000 within a few months.

Credible Crypto, an anonymous analyst with a following of 345,900 people, believes that BTC is currently taking a break after experiencing around a 100% surge this year.

The trader has noted that Bitcoin’s price movement in 2023 is similar to what it was in March to August 2020, when BTC saw a surge of around 200% before going through a consolidation period of one month.

“The current structure is identical to the one we saw on BTC at $16,000-$18,000 prior to a 60-day rally to $60,000.

Fractals aren’t guarantees of anything, but they often repeat when the goal and technical context are the same.”

He continued and said the following:

“In this case, both of these structures are primarily sideways, ranging structures occurring after a clean/clear impulse (uptrend) and near vertical rally off a major low, which makes me believe that the goal here is re-accumulation, and so the technical context is the same.

In both cases, no significant high timeframe market structure has yet been broken.

In both cases, many are calling for much lower.”

According to Credible Crypto, Bitcoin experienced a significant surge in 2020 following a phase of reaccumulation. Credible Crypto believes that a similar occurrence will happen again for BTC.

Last time, a breakout from the accumulation range sparked the next surge, leading Bitcoin to increase by 200% in just two months. If a breakout occurs now, a 120% rally is all that’s needed to reach new all-time highs (ATH).

With four months instead of two, Credible Crypto believes that there’s a good chance of hitting new ATH for Bitcoin this year.

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $26,026.