The Impressive Potential of Bitcoin’s 2019 Market Structure
A highly regarded crypto analyst suggests that Bitcoin might be mirroring a market structure observed in 2019, where BTC consolidated for several months before embarking on a parabolic surge.
Analyzing Bitcoin’s 2019 & Current Price Action
- Jason Pizzino, a prominent crypto strategist, highlights Bitcoin’s recent rally to new all-time highs, comparing it to the price action seen in 2019.
- In 2019, Bitcoin surged about 4X before undergoing a six-month consolidation phase.
- Pizzino draws parallels between Bitcoin’s move from $25,000 to $74,000 and the 2019 fakeout rally, indicating a potential lengthy consolidation period before the next phase of the bull market unfolds.
Bitcoin’s Possible Trajectory & Key Price Levels to Watch
- Pizzino emphasizes the importance of monitoring specific price ranges to gauge Bitcoin’s probable trajectory in the short term.
- A rejection around $67,000 to $69,000, the previous all-time high, could signal a retracement, leading to another consolidation phase between $50,000 and $70,000.
- Watch for critical levels at $59,000 to $60,000 and $67,000 to $69,000, as a rejection at $69,000 may result in a retracement below $60,000.
Current Bitcoin Price and Market Outlook
- Bitcoin is currently trading at $63,200, reflecting a decline of over 3% in the last 24 hours.
- The market continues to show volatility, influenced by various factors and key price levels.
Hot Take: Bitcoin’s Resemblance to the Past May Shape Its Future
As Bitcoin navigates through its current price action, drawing similarities to the market structure seen in 2019, the potential for a prolonged consolidation period followed by a significant rally remains a likely scenario. Keep a close eye on key price levels and market sentiment to anticipate Bitcoin’s next move.
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