Analyst: Bitcoin’s Price Action Looks Like the Start of 2017’s 2,000% Rally

shutterstock 1723198357 630x420

From a macro perspective, Bitcoin is still in a consolidation pattern. The cryptocurrency has printed a series of lower highs and higher lows over the past year, with prices tightening. Some, such as gold bull Peter Schiff, believe that this consolidation will resolve to the downside. But a recent analysis by a digital asset manager has found that Bitcoin looks almost identical to how it looked prior to 2017’s 2,000% rally. This lends to the sentiment that BTC will soon undergo a bullish breakout. Bitcoin Looks Like It Did Prior to 2017’s 2,000% Rally to $20,000 As noted by digital asset manager Charles Edwards, Bitcoin’s price action over recent months looks extremely similar to how it looked prior to two previous bull runs. There are two similarities: 1) Bitcoin is consolidating under a macro trendline formed at the cycle highs, and 2) the halving took place as the price attempted…

Read the original article here