BTC - History Repeating
There are eerie similarities to the 2020 election cycle that I would like to point out. So far not only has BTC respected the 4 year cycle theory, but has so far almost identically followed the 2020 Market structure on the weekly.
First, we have the breakout of a major pattern. 2020 was the 1,000 day triangle from our 2017 ATH. 2024 was the breakout of our 8 month bull flag. Then price is both cases went on a major rally. "Labeled Breakout in white"
Second, we have the election in both 2020 and 2024. "Orange vertical line"
Third, price consolidates at a key level. In 2020 it was right below 20k. In 2024 we have seen that consolidation right under 100k.
Once that key level is broken (outlined with a purple horizontal line), we usually see the next bull market leg happen right after.
Also pay close attention to how the weekly candles looked in 2020 vs how the weekly candles currently look right now. Almost identical!
Will history repeat again?
First, we have the breakout of a major pattern. 2020 was the 1,000 day triangle from our 2017 ATH. 2024 was the breakout of our 8 month bull flag. Then price is both cases went on a major rally. "Labeled Breakout in white"
Second, we have the election in both 2020 and 2024. "Orange vertical line"
Third, price consolidates at a key level. In 2020 it was right below 20k. In 2024 we have seen that consolidation right under 100k.
Once that key level is broken (outlined with a purple horizontal line), we usually see the next bull market leg happen right after.
Also pay close attention to how the weekly candles looked in 2020 vs how the weekly candles currently look right now. Almost identical!
Will history repeat again?
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