• Bitcoin price action over the last few weeks resembles the one seen in 2019.
  • If the history from 2019 repeats, BTC could be coiling up for a massive upswing.
  • Investors need to pay close attention to the $25,000 to $24,000 level, a retest of which could be a perfect place for accumulation. 

Today we’re going to be taking a quick look at Bitcoin price and how it plays a major role in directing where the markets go. A repeating price fractal hints that the recent retracement could be setting the stage for a massive bull run for cryptocurrencies.

Also read: Bitcoin Price Forecast: Can BTC bears manifest a 30% crash?

Bitcoin price action similarities between 2019 and 2023

The conclusion of hash rate wars in 2018 saw Bitcoin price crash from roughly $6,000 to $3,000. This sudden drop formed a local bottom for BTC, which was followed by 107 days of consolidation.

This consolidation ended on April 1, when Bitcoin price shot up and formed a bullish divergence on the daily chart. The setup was followed by a 173% upswing in the next two months, which pushed BTC to form a local top at $13,880.

In 2023, a similar setup has formed, indicating that the ongoing coiling up is likely to lead to a similar outlook. While a 173% upswing is unlikely, investors can expect Bitcoin price to push deeper into the weekly Bearish Breaker area, extending from $29,247 to $41,273. 

The likely targets are the midpoint of the said breaker at $35,260 and the range high at $41,273. 

BTC/USDT 1-day chart

BTC/USDT 1-day chart

For more information on Bearish Breaker setup, read this: Where will the 2023 crypto bull rally top? – ICT

As detailed above, this run-up has two potential scenarios on how it could play out:

  1. A continued uptrend to $35,260 and $41,273 levels.
  2. A retracement to two crucial levels at $25,205 and $24,303 followed by a run-up to the $35,260 and $41,273 levels. As seen, the second scenario will allow sidelined buyers an opportunity to accumulate BTC.

Important reads

Weekly recap: Whales drive ADA, AXS investors grow, memecoins and 420, Bitcoin dominance rate meets resistance

Bitcoin Weekly Forecast: BTC loses directional bias, leaving holders guessing its next move

Ethereum price pauses its plummet, here’s what ETH holders can expect next

XRP price reveals Ripple bulls big picture plans for holders and it includes 50% rally

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

IRS says crypto staking should be taxed in response to lawsuit

IRS says crypto staking should be taxed in response to lawsuit

The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.

More Cryptocurrencies News
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.

More Solana News
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.

More Ethereum News
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election. 

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP