History Repeating: Here is Where the Bitcoin (BTC) Rally May Reach This Christmas

Published by

Sahana Vibhute

September 20, 2024

Ever since the Bitcoin price faced rejection from the ATH, each move appears to have been calculative, largely influenced by the previous price action. As a result, many were quite optimistic about the next price action in the times when the BTC price slashed below $50,000. The latest move appears to be pretty identical to the previous couple of rallies, which resulted in a breakout of a strong bull run leading the token towards new highs.

In a surprising move, the Satoshi Era’s BTC was moved, which remained dormant ever since they mined with the value of $0. The wallet holds 250 BTC worth nearly $16 million, which is rumoured to be Satoshi’s itself. With this, the market participants seem to have become optimistic about the next price action. Moreover, the rally is believed to elevate the BTC price not only to $100K but close to $150K, as analyzed by a popular analyst, Moustache.

The analyst refers to the historical chart of the BTC price and marks the similarities between the 2017-18 and 2021 bull run with the current price action. After the rejection of the highs, the price faced a notable pullback, it underwent a parabolic recovery followed by a descending parallel consolidation. Once the token surpasses the upper resistance of the channel, the token sets up a fine bull run to mark a new ATH. A similar pattern is witnessed after the recent highs, and as a result, the price is primed to begin a fresh bull run soon.

Bitcoin’s average ROI in Q3 was -5.39%, compared to +88.84% in the previous quarter. The United States elections are set to take place over the next 45 days and the historical data says the BTC price has reacted positively each time to the elections. Technically, the BTC price has rebounded finely around the trendline, while the institutions are no longer shorting the token. These indicators point towards the beginning of a potential bull run that could be nearby and the highs of the upcoming run could be somewhere around $125K to $130K.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.