While Bitcoin (BTC) price action hasn’t shown any surprises over the past few weeks, that could change in the coming months, at least when considering historical chart patterns that have already preceded multiple bullish moves.
According to an analysis published by pseudonymous cryptocurrency expert Trader Tardigrade on Aug. 9, the flagship decentralized finance (DeFi) asset in particular could see a parabolic move, with bottom formation mimicking those of 2016 and 2020.
Bitcoin price patterns in 2016, 2020 and 2023. Source: Trader Tardigrade
In fact, Bitcoin made its first bottom at $355 in 2016 after bottoming at $200 in 2015. After that, it made another bottom at $452, followed by the $677 level, which acted as a springboard for the parabolic rise that peaked at $6,750 in 2018.
In 2020, something similar happened when the first crypto asset broke the $5,350 bottom, made a summer bottom of $8,850, and then hit $10,111 before hitting the 12,941 level at the end of 2020 US dollars, which subsequently took bitcoin to an all-time high high (ATH) of US$69,000 in late 2021, according to expert chart.
This year, bitcoin bottomed at $15,700, bottomed at $26,500 and is likely to make another bottom around $31,220. If it continues to follow the patterns of 2016 and 2020, it could reach the $46,850 price level in 2024, which would set the basis for the next parabolic rise and possibly a new ATH above $200,000 sometime in 2025.
Bitcoin price analysis
Meanwhile, Bitcoin was trading at $29,480 at press time, down 0.97% on the day and up 1.44% over the previous week, but down 3.4% on the monthly chart, as of the last retrieved price data is from Finbold on August 10th.
At the same time, a crypto trading expert named Seth shared his expectations that Bitcoin will surprise everyone, “this bull market when institutional liquidity comes in from Blackrock (NYSE:BLK), Fidelity, etc.,” referring to the big money managers who previously had applied for Spot Bitcoin Exchange Traded Funds (ETFs).
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