Bitcoin could please its investors with a chart fractal occurrence after experiencing the biggest single-day drop in 2023. Prominent investor and analyst Alan Tardigrade pointed out on December 12th the mysterious similarities between Bitcoin’s current chart and that of four years ago.
Bitcoin might be struggling to surpass its long-term key resistance at the moment, but a comparison suggests that Bitcoin’s price movement is business as usual. Tardigrade shared a chart fractal from late 2019 to mid-2021, highlighting a striking Bitcoin bull market pattern that is making a comeback.
BTC/USD pair has been following almost exactly the chart pattern from 2020 to 2021 in its recovery since hitting its lowest level in the last few years at the end of 2022. This week’s drop is even reminiscent of a similar event on the way to Bitcoin’s all-time high of $69,000. Tardigrade included in his post the following statement:
“Bitcoin is repeating the movements that happened between 2019 and 2021. Take a break and GO.”
Tardigrade is known for his positive views on the similar structure of Bitcoin prices. Another long-term theory suggests the 2019 chart as a launchpad for a much broader bull market cycle, with Bitcoin price targets reaching up to $400,000. According to the analyst, Bitcoin is currently in a phase of renewed optimism after falling into a bear trap at its lowest levels in 2022.
Bitcoin’s February 2025 Target
Fractals from past price cycles are becoming increasingly common in the current crypto environment. Last week, a popular social media commentator known as Nunya Bizniz suggested that Bitcoin could replicate its 2020 progression in the same manner.
Although this occurred before the drop on December 11, it seems there’s still time for the fractal to continue. Later analyses questioned how long it would take for Bitcoin’s price to reach its all-time high.
From its long-term lowest level to its new peak, each cycle took four weeks longer, and the analyst gave the next time frame of 27 months. Accordingly, February 2025 could be set as a deadline for reaching the all-time high level.
