A top market analyst, Blockchain Backer, has shared a series of charts that show similarities between the current price trend of Bitcoin and the 2014 to 2016 era.
The analyst pointed out that each significant milestone that Bitcoin (BTC) has printed in the 2021 to 2023 Calendar year has been replicated in 2014 to 2016.
Zooming Out the Bitcoin Trend Correlation
As detailed on the BTC/USD 8h chart, the analyst circled out the price peak attained by Bitcoin in November 2021 as one that correlates with November 2016. Bitcoin has hit several momentous growths throughout its history, creating an easily traceable pattern.
A zoomed-out version of the chart showed a range-bound price trend from July 2022 to November of that same year, and this movement aligns with the era from February to December 2015.
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After attaining its All-Time High (ATH) in November 2021, slightly more than a year after its halving event in May 2020. Before this time, the 2016 halving event also birthed an ATH in December 2017 to showcase a balanced historical correlation.
It is worth noting that Bitcoin exhibited some very erratic price actions in the months leading to its halving event, which has shown in both the 2016 and 2020 halving cycles, respectively.
This erratic trend, which typically keeps the coin from retesting a new ATH pre-halving, is currently at play, with the 2024 halving event just around the corner.
Will the Trend Continue?
The Bitcoin price trend, as showcased by Blockchain Backer, notably resonates well with many industry veterans like Binance CEO Changpeng ‘CZ’ Zhao, who validated the charts.
However, what many believe will be confirmed with time is whether or not this trend can continue seeing key defining events like the upcoming halving and potential approval of the application for Bitcoin spot Exchange Traded Fund (ETF) product are slated for the coming months.
At the moment, Bitcoin is worth $26,838.58, down by 1.25%, fueling another 1.22% drop in market capitalization which is now fixed at $521.8 billion.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2023/10/12/top-analyst-highlights-parallels-in-bitcoin-current-growth-trend-and-2014-16-era/?utm_source=rss&utm_medium=rss&utm_campaign=top-analyst-highlights-parallels-in-bitcoin-current-growth-trend-and-2014-16-era