Bitcoin's growth potential is not yet exhausted, and if the fractal on the chart continues its development, the cryptocurrency can show significant growth. Famous trader Alan Tardigrade found a remarkable similarity between the current state of bitcoin and its behavior four years ago.
Bitcoin is "repeating" the uptrend after the COVID-19 pandemic, and although it is trying to overcome key resistance on the long-term chart, its price movement is following the previous pattern. Analyzing the fractal chart from late 2019 to mid-2021, Tardigrade has highlighted a bull market that is currently generating significant profits. This is a continuation of the upside pattern that started from the low at the end of 2022. And even the slight dip this week indicates similarities to previous events on the way to bitcoin's all-time high of $69,000. Thus, bitcoin is retracing the steps of past years and continues to move in line with analysts' expectations.
Another long-term theory sees 2019 as the launching pad for a much broader "bull market cycle" - with a target BTC price of up to $400,000. Bitcoin, according to Tardigrade, is now in a phase of "renewed optimism" after setting a "bear trap" at the 2022 lows.
Last week, another prominent commentator, Nunya Bizniz, suggested that bitcoin could repeat its 2020 success. Meanwhile, further analysis raises the question of how long it might take for the price of BTC to reach a new all-time high. For each cycle, the pair took four weeks longer to go from a long-term low to a new peak. Hence, the next period would be 27 months. This means that the deadline to reach a new all-time high is February 2025.
