If History Rhymes, Bitcoin (BTC) May Retrace To High-$5,000s

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What a week it’s been for Bitcoin (BTC). In the past 72 hours, the asset has rallied from the low-$6,000s to $7,500, then to $6,900 (current), driven by a newfound sense of hype, passion, and belief in the cryptocurrency cause.However, as the market has cooled — temporarily at least — analysts have begun to get more level-headed, doing their utmost to figure out where cryptocurrencies could head next. This time for pondering has led to some staggering revelations.Related Reading: Ethereum (ETH) Price Smashes Resistance: Bulls Target $220 or HigherBitcoin May See RetracementPopular trader Josh Rager recently suggested that there are amazing similarities between 2015’s recovery out of a bear market.During that cycle, BTC bottomed around $200, accumulated around $300 for months, went parabolic to tap $500, then saw a pullback. What’s more, the three-day Super Guppy, a key long-term trend indicator, didn’t signal a “buy” (green) until after the pullback.$BTC…

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