Bitcoin could cheer up its investors with a chart fractal that may occur following the biggest single-day drop of the year 2023. Investor and analyst Alan Tardigrade pointed out on December 12th that Bitcoin’s current graph bears mysterious similarities to that of four years ago.
Bitcoin may be struggling to break through a significant long-term resistance level, but comparisons suggest that Bitcoin price movements are within the usual course of action. Tardigrade shared the chart fractal from the end of 2019 to mid-2021, highlighting a Bitcoin bull market plan that is strikingly making a comeback.
The BTC/USD pair is following the recovery of the price from the lowest levels seen in recent years towards the end of 2022, and this mirrors almost exactly the graphic pattern between 2020 and 2021. Even the drop experienced this week reflects a similar event on the path to Bitcoin’s all-time high of $69,000.
Tardigrade is known for his view that Bitcoin has a positive structure. Another long-term theory suggests the 2019 charts as a springboard for a much larger bull market cycle where the Bitcoin price target could reach $400,000. According to the analyst, Bitcoin is now in a phase of optimism after falling into a bear trap at the lowest levels of 2022.
Fractals from past price cycles are becoming increasingly common in the current crypto environment. Last week, another popular social media commentator, Nunya Bizniz, suggested that Bitcoin could repeat its progress recorded in 2020. The analyses, while questioning how long it would take for the Bitcoin price to reach its all-time high, indicate that each cycle lasts four weeks longer than the previous one, marking 27 months as the next timeline. Accordingly, a deadline for reaching the all-time high in February 2025 could be set.