Bitcoin Is Setting Up A Similar Structure To 2017 & 2021, What Happened Last Time?
Bitcoin's recent climb back above $80,000 is drawing comparisons to patterns seen in 2017 and 2021, according to analyst Merlijn The Trader. In those previous cycles, Bitcoin briefly broke below key support—a "fakeout" that stopped out traders—only to quickly recover and then rally to new all-time highs. The current structure suggests a similar scenario may be unfolding, where a sharp drop below support (potentially under $60,000) could shake out weak holders before a swift recovery.
The $80,000 level is now a critical technical juncture. A sustained move above $82,000 would support the bullish case, while a break below $78,000 could signal a bearish shift. However, the analyst's overall outlook remains bullish, projecting that if Bitcoin follows the historical playbook, this setup could eventually lead to a parabolic move toward a new peak above $242,000. As of now, Bitcoin is trading around $80,790.
bitcoinist05/13 03:01