Historical Analysis: Bitcoin Looks Extremely Similar to the Start of the $20k Rally

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Bitcoin has recently undergone a strong retracement due to a confluence of factors. The cryptocurrency is around 20% below its year-to-date high at $12,500. Some fear that this retracement is the start of a return to a full-blow bear trend. Fortunately for bulls, there is evidence suggesting this is not the case. One crypto trader noted that Bitcoin’s three-week chart looks similar to how it did at the start of the previous macro bull run. This last bull run, which took place from 2015 to 2017, took BTC from the hundreds to $20,000. This positive sentiment is in line with prominent Wall Street investors who think Bitcoin is on the verge of parabolic growth. Bitcoin’s Current Chart Looks Similar to Start of 2015-2017 Rally One crypto trader recently noted that Bitcoin’s three-week RSI and 9 exponential moving average looks similar now to what it looked like at the start of…

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