Two Shocking Similar Bitcoin Price Charts Suggest BTC’s Next Move.
This weekend has not been the best for Bitcoin investors as the world’s largest cryptocurrency ended its quick surge where it rallied to nearly $45,000 amid rumors that Russia could be adopting the asset class to navigate sanctions.
Bitcoin has once again resumed its downtrend below $40,000. Bitcoin’s recent price movement below the $40,000 price level has prompted many crypto analysts to give their views on the next move for the popular cryptocurrency.
Interestingly, a famous Bitcoin enthusiast named BTCfuel shared a chart with shockingly similar patterns and trends of the asset’s current price performance, which matches the 2019 bear market bottom.
— BTCfuel (@BTCfuel) March 4, 2022
Bitcoin Price Movement in 2019
In 2019, Bitcoin started trading around $3,900 and fluctuated majorly between $4,000 and $5,000, respectively, in the first four months.
However, in May 2019, BTC surged to above $8,000 and subsequently hit $10,000 the following month.
The cryptocurrency peaked at around $13,000 for the year in July, representing nearly 200% of its 2019 opening price.
BTC to Surge to $96,000 This Year?
A closer look at the chart suggests a bullish prediction for the cryptocurrency that could see it rally above $90,000.
If the current Bitcoin pattern continues to match the 2019 bear market bottom, the cryptocurrency would, from the chart analysis, spike to $96,000 at some point this year.
Per previous reports, several Bitcoin proponents, including El Salvador president Nayib Bukele, who is currently leading the country’s cryptocurrency adoption, have previously predicted that BTC would hit $100,000.
Bitcoin Movement in 2022
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has endured a terrible start to the year since it fell from an all-time high of $69,047 recorded on November 10, 2021.
The cryptocurrency started the year around $47,000 and has fallen below $40,000 on several occasions due to several events that have unfolded so far.
Bitcoin suffered its significant loss in late January when it dipped below $33,000 when reports surfaced that the Federal Reserve is planning to increase interest rates this month.
While the asset class has endured a massive fluctuation above and below $40,000 in the past week, investors’ fears have continued to increase, with many being forced to convert their BTC holdings to stable coins.
Meanwhile, addresses holding between 0.1 and 1 BTC have accumulated Bitcoin following its price dip.