Bitcoin Price Follows 2020 Bull Run Fractal – Latest Crypto News

The crypto world has been abuzz with the biggest one-day drop of 2023 for Bitcoin (BTC), but traders should not worry if one chart fractal plays out. Alan Tardigrade, a popular trader, recently posted on X (formerly Twitter) about the striking similarities between the current market and four years ago.

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Bitcoin “repeating” post-COVID uptrend

The price of Bitcoin may be encountering some difficulty in surpassing a long-term resistance level, however, according to one comparison, the BTC price action is still “business as usual”.

Tardigrade recently posted a chart fractal from late 2019 to mid-2021, which appears to indicate a Bitcoin bull market blueprint that is currently being repeated. Since the crypto’s most recent multi-year low in late 2022, its recovery has been almost identical to the pattern seen in 2020-2021.

Even this week’s downturn is similar to the event that preceded Bitcoin’s all-time high of $69,000.

“Bitcoin is repeating the moves in 2019-2021,” Tardigare commented.

Tardigrade is known for his bullish outlook on Bitcoin’s price evolution. Another long-term theory suggests 2019 was the start of a much larger “bull market cycle” with a potential BTC price of up to $400,000. He believes Bitcoin is now in a period of “renewed optimism” after the “bear trap” of 2022.

New all-time high in early 2025?

It’s becoming more and more common to see fractals from past price cycles in the crypto space. Last week, Nunya Bizniz on X suggested that Bitcoin could be repeating its 2020 progress.

Despite the Dec. 11 drop, the fractal could still play out. Subsequent analysis then asked how long it would take for BTC price to reach a new all-time high. Each cycle has taken four weeks longer than the last, which would put the deadline at February 2025.

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