BTC Price Patterns Echo 2019-2020 Bull Run Precursor: Analysts

IconCryptoNewsTerminal Staff12 Aug, 2024

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BTC Price Patterns Echo 2019-2020 Bull Run Precursor: Analysts

Analyst Trader Tardigrade, with a substantial following, observes striking similarities between the current BTC/USD chart and the patterns that preceded the 2019-2020 bull market. The descending broadening triangle formation mirrors the price action leading up to the rally from $10,000 to $70,000. Matthew Hyland, another analyst, expresses optimism, suggesting that BTC may have found its bottom and is poised for a Q4 surge, a trend observed during election years 2012, 2016, and 2020. These observations provide cautious optimism for the potential of a Bitcoin price upswing in the near future.