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Bitcoin price could go parabolic with this pattern formation

Bitcoin price could go parabolic with this pattern formation

Although the price movements of Bitcoin (BTC) in the past few weeks have not demonstrated any surprises, this might change in the following months, at least when taking into account the historical chart patterns that have preceded bullish runs on a couple of previous occasions.

Specifically, the flagship decentralized finance (DeFi) asset could experience a parabolic movement with the bottom formation mimicking that from 2016 and 2020, according to an analysis shared by pseudonymous cryptocurrency expert Trader Tardigrade on August 9.

Bitcoin price patterns in 2016, 2020, and 2023. Source: Trader Tardigrade

As it happens, in 2016, Bitcoin first formed a bottom at $355, following the low of $200 in 2015, after which it proceeded to form another bottom at $452, followed by the $677 level, which served as a stepping stone for the parabolic run that culminated with $6,750 in 2018.

In 2020, a similar thing occurred, as the maiden crypto asset swept the lows at $5,350, formed the bottom at $8,850 during the summer, and then at $10,111, preceding the $12,941 level in late 2020, which subsequently led Bitcoin to an all-time high (ATH) of $69,000 in late 2021, according to the expert’s chart.

This year, Bitcoin hit a low at $15,700, formed the bottom at $26,500, and looks to form another at around $31,220. If it continues to follow the 2016 and 2020 patterns, it could reach the $46,850 price level in 2024, which would become the foundation for the next parabolic run and potentially a new ATH above $200,000 sometime in 2025.

Bitcoin price analysis

Meanwhile, Bitcoin was at press time trading at $29,480, indicating a drop of 0.97% on the day, as well as a 1.44% gain across the previous week but a 3.4% decline on its monthly chart, according to the most recent price data retrieved by Finbold on August 10.

Bitcoin 7-day price chart. Source: Finbold

At the same time, a crypto trading expert known as Seth shared his expectations of Bitcoin surprising everybody “this bull run when institutional liquidity from Blackrock (NYSE: BLK), Fidelity, etc. enters,” referring to the major asset managers that earlier filed applications for spot Bitcoin exchange-traded funds (ETFs).

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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