An analyst at Credible Crypto posted a forecast for the flagship cryptocurrency on Twitter. He noted that the current scenario in the market is very similar to what was observed in 2020. Then the main digital coin of the world Bitcoin (BTC) rose in price from about $16,000 to $60,000 in a few months.
The specialist said that now the flagship of the market is “taking a breather” after a price increase of almost 100% since the beginning of this year. According to the analyst, this is a normal correction. The current situation almost completely reflects the dynamics of movement on the Bitcoin price chart in the period from March to August 2020.
This structure repeats what we saw at the $16,000-$18,000 level before the pre-60-day rally 3 years ago,” the analyst emphasized. “Fractals don’t guarantee anything, but they often recur when the goal and the technical context match.”
The strategist noted that the structures that appear after the “clean momentum” (uptrend) and “vertical rally” from the major low make the expert believe that the goal is precisely the re-accumulation of assets. That is why the pattern for BTC may repeat itself in the very near future.
Credible Crypto noted that Bitcoin began a “parabolic rally” in 2020 just after such a phase. “The breakout from the accumulation range last time triggered another move higher, causing the BTC price to fly higher.”
A 120% rally after breaking this range is all it takes to reach new all-time highs (ATH). According to the expert, this time Bitcoin has twice as much time or about 4 months to do it back in 2023. The analyst stressed that his idea would be invalidated if “digital gold prices fall below $24,800.” As of the morning of August 21, BTC was valued at $25,996.