Bitcoin’s recent consolidation has thrown most investors for a loop: the majority aren’t too sure what comes next for the cryptocurrency market.
Some, though, have made progress in discussing the recent price action. One analyst observed that stepping back and looking at BTC’s medium-term price action, the past three months look extremely structurally similar to a pattern from May 2019.
Should Bitcoin continue to track the trajectory it took last time this particular market structure was seen, a strong surge will transpire in the coming weeks.
Bitcoin Looks Like It Did in May 2019, Prior to a 50% Surge
A trader recently shared the chart below, noting that Bitcoin’s price action since the March 12-13 crash to $3,700 looks extremely similar to that seen from April to early-June of 2019.
Both periods have a steady uptrend, a vertical rally, then a choppy consolidation. Last year, the choppy consolidation resolved higher, with BTC rallying 50% in two weeks from the ~$9,000 baseline of the rally to the $14,000 year high.
Bitcoin trading as it did back then will see it hit $15,000 by the end of the month.