Bitcoin Looks Structurally Similar to Start of Rally to $20,000: Analyst


Despite the surge over the past few weeks, not all analysts are convinced Bitcoin is in a full-blown bull market. There remain commentators who argue that this move may just be a range deviation before a move back to the $9,000s, then lower. Stepping back, an analyst has found that Bitcoin’s chart looks structurally similar to how it did prior to 2017’s $20,000 rally. This boosts the bull case, though it’s important to note that history may not rhyme. There are also fundamental factors that suggest that BTC will rally in the months and years ahead. Some, in fact, have argued that the “macro case for BTC has never been more obvious.” Bitcoin Chart Is Structurally Similar to Rally to $20,000, Says Analyst Disregarding the rally over the past seven days, Bitcoin has effectively flatlined for the past three months around the $9,000s. Yet according to a trader, the one-month…

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