The leading cryptocurrency Bitcoin [BTC] is primed to start a macro rally from here if history repeats itself, a recent analysis by a crypto chartist reveals.
The analysis revealed that the Bitcoin is close to bouncing off again from a pivotal downtrend from the $20k all-time high.
While not similar, BTC completed an identical retest at the beginning of the earlier bullish run, where it retested the resistance of the $1,300 all-time high as support before rallying higher.
Should history repeat, BTC won’t begin its bull Run after it prints a clean bounce off the present price levels:
“Bitcoin weekly: 2015 -vs- 2020. A retest of descending line. After the successful 2015 retest, bitcoin ran 8,000% into the Dec 2017 ATH. Silly hopium?”
While corroborating this sentiment that Bitcoin is on the verge of a macro upswing is another analysis of the crypto asset’s macro price action.
One trader recently shared this chart below. The study reveals that Bitcoin’s recent price action is really a transparent retest of a macro price, not a bearish breakdown as many have added:
“$BTC funding & premium index reached rock bottom point since it had been since 19th March… Except for this point we’re retesting a multi-year S/R level with a confirmed bull break in MS all the way high to the monthly chart…”
However, the fundamentals of the industry still remain positive. For one, Fidelity Investments was recently revealed to have started working on a Bitcoin fund focused on offering BTC exposure to institutional clients.