Trader Jake Wujastyk draws attention to the similarity between the current Bitcoin price movement and its behavior in February 2017. By juxtaposing two breakout scenarios from February 2017 and October 2020 on his chart, Wujastyk illustrates the significant rallies witnessed by the major cryptocurrency following consolidation below key resistance levels.

The current situation indicates a potential rally for Bitcoin, with the leading cryptocurrency preparing for an uptrend below the $68,000 level. In 2020, Bitcoin surged to a new all-time high shortly after a breakout, experiencing a significant increase in value over merely two months.

As per the latest data from CoinGecko, Bitcoin is currently trading at $67,723, with a market capitalization exceeding $1.3 trillion. Despite an unsuccessful attempt to maintain levels above $70,000 in late March, Bitcoin remains more than 8% below its peak of $73,737 achieved in mid-March.

Forecasts suggest that Bitcoin's price could surpass $150,000 by 2024 due to diminishing inflation rates, as reported by U.Today.