Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.
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Historical Price Patterns and Current Observations
Over the past three years, Bitcoin’s price trajectory has oscillated within a well-defined range, respecting key levels such as the range high, low, and mid-range as pointed out by Sjuul. After establishing an all-time high in April 2021, Bitcoin endured a prolonged correction, setting the stage for a two-year downtrend.
However, in October 2023, Bitcoin’s fortunes took a positive turn as it reclaimed the range and initiated a massive rally. Surmounting mid-range resistance early this year, Bitcoin eventually smashed through its previous all-time high in March, igniting hopes of a sustained bull run.
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Show more +Comparisons to Previous Cycles
Sjuul draws parallels between Bitcoin’s current price action and the dynamics observed in 2016, just before the historic 2017 bull run. “This is actually very similar to what happened back in 2016 before the 2017 bull run,” he notes. “First, Bitcoin took out the 2013 ATH level, retested the breakout level, and started to rally from there.”
Yet, the crypto analyst cautions against complacency, emphasizing that trading involves no absolute certainties. “As long as the price holds the breakout level, we are still in retest territory,” Sjuul explains. “Should the price find acceptance below, this whole move could become a very dangerous deviation!”
Bitcoin’s ability to maintain its current levels will be crucial in determining its short-term trajectory. A sustained hold above the breakout level could pave the way for another significant upward movement, akin to the 2017 bull run. Conversely, a breakdown below this critical support could signal a potential reversal, sending shockwaves through the crypto markets.
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