Wednesday, December 25, 2024
Home > News > Cryptocurrency Market > Crypto Analyst Reveals Uncanny Similarities In The Bitcoin Charts Of 2020 And 2023

Crypto Analyst Reveals Uncanny Similarities In The Bitcoin Charts Of 2020 And 2023

A crypto analyst has revealed what seems to be one of the most uncanny similarities in two separate Bitcoin charts. The two charts taken from 2020 and 2023 show a very similar price trend, and the most important part is what happens if Bitcoin continues to follow this trend.

Bitcoin Charts From 2020 And 2023 Compared

Pseudonymous crypto analyst Crypto El Presidente first shared his comparison of two Bitcoin charts back on December 1. In this initial post on X (formerly Twitter), the analyst revealed that the current market movements matched those that were seen in 2020.

To make this clearer, El Presidente puts the movements from both years into consideration when they are both unmorphed and morphed to scale. The similarities between both trends were eerily alike, with dips and recoveries at almost the same angles.

Then in a follow-up post, the crypto analyst showed an even more glaring similarity with a new chart. These charts took the Bitcoin price movements from the last six months of the year and looked at how they moved. As shown in the chart, both started out trailing low but then surged as August moved into view.

Then the dips would happen around September and trail the lows once more before recovering again. Then toward November, there was a recovery once more. While not exactly identical, these dips and recoveries, as well as subsequent ones, share an obvious likeness that could continue going forward.

BTC bulls reclaim control of price | Source: BTCUSD On Tradingview.com

What Happens If This Trend Continues?

If the historical performance of Bitcoin back in 2020 is repeating itself once more, then it is very bullish for the price. This is because 2020 is actually the year the last bull run began. From December 2020, going into the year 2021, the Bitcoin price would rise continuously to beat its previous all-time high set in 2018.

A repeat of this trend would mean the recent dip below $41,000 was only a short pit stop. Furthermore, such a recovery would see the price break above $45,000 once more, before correcting back downward again, as shown in the chart.

The next leg-up after this dip, however, would be the main event as the chart shows a push toward $50,000. In such a case, the price of Bitcoin would be looking at an at least 20% increase by the time that 2024 rolls around.

The significance of this similarity also doesn’t end at just the 20% increase given that the 2020 surge kickstarted another bull market. So a repeat of this would likely mean that BTC is headed into another bull run.

Featured image from Kiplinger, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source