Bullish Bitcoin Trends Continue After COVID
Bitcoin investors are taking a second look at their positions now that the cryptocurrency’s price has suffered its biggest daily drop of the year. However, some analysts are suggesting that this dip may not be cause for concern.
In a recent social media post, trader Alan Tardigrade pointed out similarities between Bitcoin’s current state and its position four years ago. According to Tardigrade, the current behavior of Bitcoin reflects patterns seen in 2020-2021, hinting at the possibility of a strong comeback for the cryptocurrency.
Tardigrade shared a chart fractal from the end of 2019 to mid-2021, showcasing the performance of Bitcoin and demonstrating its similarities to its current trajectory. He claimed that Bitcoin’s recovery since late 2022 suggests that the asset is following the same pattern as it did in 2020-2021, even likening the recent decline to the path Bitcoin took to reach its all-time high of $69,000.
Tardigrade also highlighted a positive long-term theory that sees 2019 as the starting point for a wider bull rally cycle. He suggested that Bitcoin could reach a price target as high as $400,000, indicating that the cryptocurrency may be entering an optimism phase following a bear trap established in 2022.
Another social media commentator, Nunda Bizniz, also suggested that Bitcoin could repeat its 2020 progress, further adding to the optimistic outlook surrounding the cryptocurrency.
With these analyses in mind, it appears that some investors remain optimistic about the future of Bitcoin, despite its recent price decline. Time will tell whether the cryptocurrency can indeed replicate its 2020 performance and whether it is poised for another bull rally in the near future.
