Renowned crypto analyst TechDev has claimed that the price chart of Bitcoin (BTC) is repeating the pattern of Amazon (AMZN) stock from over a decade ago. According to the analyst, the largest cryptocurrency could be in the middle of this pattern.
TechDev shared a chart on social media platform X (formerly known as Twitter) comparing Bitcoin’s price movement over the last three years with AMZN’s stock chart from 2010 and 2011.
According to the analyst, BTC is showing a strong resemblance to the AMZN stock chart, which exhibited a sharp decline after reaching its all-time high (ATH), followed by a double top formation.
TechDev said, “Back then, AMZN, like BTC is currently doing, tested its previous all-time high with an extended horizontal correction. The structural similarities in the two charts are currently striking. The green line shows the movement BTC has made since this chart.”
Expecting Bitcoin to move towards new highs, TechDev noted, “If you can move past the narrative of the block reward halving, a swift transition to new highs from here and retesting the previous ATH wouldn’t be extraordinary. Of course, there’s no guarantee for this. The scenario of retesting the $32,000 support level is still on the table, but I wouldn’t be surprised if we just move from here towards new highs. Structural patterns work because human collective speculative behavior doesn’t change, regardless of the asset.”