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Bitcoin repeats pattern from 2016, suggesting ‘mega bull run’ on the horizon

Bitcoin repeats pattern from 2016, suggesting ‘mega bull run’ on the horizon

As Bitcoin (BTC) is starting to witness modest gains in recent days, during which the cryptocurrency industry is struggling under the pressure of lawsuits that the United States Securities and Exchange Commission (SEC) has filed against two crypto exchanges, a bullish run could be ahead judging by a repeating trend.

Specifically, Bitcoin is currently moving above its exponential moving average (EMA) on 20 observed time periods and is demonstrating two bars in its Bollinger Band width percentile (BBWP), as observed by the pseudonymous crypto analyst el_crypto_prof a.k.a. Moustache, in a tweet shared on June 13.

By comparison, the same chart pattern had emerged seven years before, in 2016, right before a “mega bull run” began for the flagship decentralized finance (DeFi) asset, during which its price had soared as much as 3,200%, ultimately reaching the top at $19,033, from the mere $580.

Bitcoin price action analysis. Source: el_crypto_prof

According to the cryptocurrency expert’s Bitcoin chart analysis, a similar pattern occurred following the Covid-19 crash in 2020, after which the maiden crypto asset saw a bull run of more than 600% to its price, culminating at $56,031, up from around $7,800.

Bitcoin price analysis

As things stand, Bitcoin is currently trading at the price of $26,196, demonstrating an increase of 0.91% on the day and 1.59% over the past week, whereas, on its monthly chart, it is writing down a loss of 2.44%, as per the latest data retrieved on June 13.

Bitcoin 7-week price chart. Source: Finbold

Despite occasional struggles, Bitcoin has still managed to increase its price by nearly 60% since the year’s turn, turning almost 48,000 crypto investors into millionaires, and recently, the accumulating behavior of its largest holders has indicated a possibility of a strong rebound.

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