Trader Jake Wujastyk claims that the price movement of Bitcoin right now is comparable to what it did in February 2017.
The trader is comparing two Bitcoin breakouts from October 2020 and February 2017 on his chart.
In both cases, the leading cryptocurrency saw significant increases following consolidations below matching resistance levels.
Currently, a similar situation is developing, as it appears that the leading cryptocurrency is preparing for another surge below $68,000.
Shortly after the breakthrough, in 2020, Bitcoin reached a new all-time high and quadrupled in value in a few of months.
https://x.com/Jake__Wujastyk/status/1797095097009406197
According to information given by cryptocurrency tracking website CoinGecko, the price of bitcoin is presently $67,723. The value of the flagship coin is $1.3 trillion. Bitcoin made a failed attempt to establish itself beyond the $70,000 mark in late March.
The biggest cryptocurrency is currently down more than 8% from its mid-March all-time high of $73,737.
According to U.Today, decreasing inflation may cause the price of Bitcoin to cross $150,000 in 2024.
