Bitcoin, experiencing the biggest daily decline in the year 2023, is promising hope to its investors with a chart fractal similarity from four years ago. Renowned investor and analyst Alan Tardigrade pointed out the mysterious similarities between Bitcoin’s current chart and the one from four years ago on December 12th.
Currently, Bitcoin is struggling to surpass a key long-term resistance, but a comparison suggests that price movements are following a normal pattern. Tardigrade shared the chart fractal from the end of 2019 to the middle of 2021, highlighting a remarkable recurring Bitcoin bull market pattern.
The BTC/USD pair, after reaching the lowest level in recent years by the end of 2022, is recovering in a way that almost exactly follows the chart pattern from between 2020 and 2021. This week’s decline reminds one of a similar event on the path to Bitcoin’s all-time high of $69,000.
Tardigrade is known for his positive outlooks on Bitcoin prices with similar patterns. Another long-term theory suggests the 2019 chart as a launch pad for a much broader bull market cycle, predicting Bitcoin price targets could reach up to $400,000. According to analysts, Bitcoin is in a renewed phase of optimism after hitting its lowest levels in 2022.
Fractals from past price cycles are becoming increasingly common in the current crypto environment. Last week, a popular social media commentator suggested that Bitcoin could repeat its 2020 progression in the same manner. Although this was before the decline on December 11th, there still seems to be time for the fractal to continue. Later analyses questioned how long it would take for Bitcoin’s price to reach its all-time high level.