Bitcoin Flashing Monthly Setup Reminiscent of 2020 Bull Market – New Target Is Out

It seems that Bitcoin is flashing a monthly setup that brings back memories from 2020. Check out the latest reports below.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $25,723.

According to a reputable analyst, Bitcoin’s (BTC) current market pattern is similar to the one observed before the cryptocurrency’s surge in 2020.

According to an analyst known as TechDev, the monthly chart of Bitcoin displays a resemblance to the price movement of BTC roughly three years ago, just before the leading cryptocurrency skyrocketed from $10,000 to over $60,000.

The trader presented a chart demonstrating the similarities between two setups. These similarities include breaking the bear market resistance and retesting horizontal support.

“We’ve seen this monthly Bitcoin setup before.

At the start of the last impulse.”

The analyst shared a chart that shows the inverse of Bitcoin’s trend, indicating that BTC is still on a clear upward trend on higher timeframes.

“Longing this still seems risky. Bitcoin.”

After examining TechDev’s chart, it seems that both Bitcoin’s price and relative strength index (RSI), which is a momentum indicator, have fallen below their respective diagonal supports.

Based on the use of an inverse chart by the analyst, the recent breach of the support levels indicates that the momentum and price are favoring the BTC bulls.

The latest figures on deposits in the US indicate that individuals are progressively raising the quantity of money they are keeping in the conventional banking system.

Last week, depositors contributed a sum of $86.58 billion, as per the data from the Federal Reserve Economic Data (FRED) system.

There has been a notable change from the previous week, as depositors withdrew approximately $30 billion from their bank accounts. We suggest that you check out the previous article in order to learn more details about all this.