Bitcoin 2020 vs. 2024 - Lows and the Anticipated Bull Market
This chart draws a parallel between Bitcoin's price action in 2020 (left) and the current trajectory in 2024 (right). On the left, we observe the pivotal lows formed around the $6,000 - $7,000 range in 2020, which set the stage for the subsequent bull market.
A similar pattern is emerging in 2024, with the price consolidating and finding support around the $50,000 - $60,000 range.
In 2020, Bitcoin broke out of a consolidation phase, igniting a powerful bull run that saw prices surge past $20,000. This breakout is mirrored in the 2024 chart, where a similar breakout seems imminent, suggesting a strong upward movement could follow.
The similarities between the two periods are striking, with both showing a strong accumulation phase (highlighted in grey) followed by a breakout above key resistance levels (marked by blue lines). If history repeats itself, we expect a significant bull market to start in 2025, potentially leading to new all-time highs.
Investors should keep a close eye on the $70,000 resistance. A breakout above this level could confirm the beginning of the next bull cycle, echoing the powerful rally we saw in 2020.
A similar pattern is emerging in 2024, with the price consolidating and finding support around the $50,000 - $60,000 range.
In 2020, Bitcoin broke out of a consolidation phase, igniting a powerful bull run that saw prices surge past $20,000. This breakout is mirrored in the 2024 chart, where a similar breakout seems imminent, suggesting a strong upward movement could follow.
The similarities between the two periods are striking, with both showing a strong accumulation phase (highlighted in grey) followed by a breakout above key resistance levels (marked by blue lines). If history repeats itself, we expect a significant bull market to start in 2025, potentially leading to new all-time highs.
Investors should keep a close eye on the $70,000 resistance. A breakout above this level could confirm the beginning of the next bull cycle, echoing the powerful rally we saw in 2020.
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