A crypto analyst has revealed what appears to be one of the eeriest similarities in two separate Bitcoin charts. The two charts from 2020 and 2023 show a very similar price trend, and the most important thing is what happens if Bitcoin continues to follow this trend.
Bitcoin charts of 2020 and 2023 compared
Pseudonymous crypto analyst Crypto El Presidente first shared his comparison of two Bitcoin charts on December 1. In this first one after on X (formerly Twitter), the analyst revealed that current market movements matched those of 2020.
To make this clearer, El Presidente takes into account the movements from both years, when they are both unformed and scaled. The similarities between both trends were eerily similar, with dips and recoveries at almost the same angles.
Then in a sequel after, the crypto analyst showed an even more striking resemblance to a new chart. These charts took Bitcoin price movements from the last six months of the year and looked at how they moved. As can be seen in the chart, both started low, but then rose as August approached.
Then the dips would occur around September and chase the lows one more time before recovering. By November there was recovery again. While not exactly identical, these dips and recoveries, as well as subsequent ones, show a clear similarity that could continue into the future.
BTC bulls reclaim control of price | Source: BTCUSD On Tradingview.com
What will happen if this trend continues?
If Bitcoin’s historic performance in 2020 repeats itself, the price will be very bullish. This is because 2020 is actually the year the last bull run started. From December 2020, into the year 2021, Bitcoin price would continuously rise to beat the previous all-time high set in 2018.
A repeat of this trend would mean that the recent dip below $41,000 was just a short pit stop. Furthermore, such a recovery would see the price rise above $45,000 again before correcting back down as shown in the chart.
However, the next rise after this dip would be the main event as the chart shows a rise towards $50,000. In such a case, Bitcoin’s price would rise by at least 20% by the time 2024 rolls around.
The importance of this similarity doesn’t stop at just the 20% increase either, as the 2020 wave has sparked a new bull market. So a repeat of this would likely mean that BTC is heading for another bull run.
Featured image of Kiplinger, chart from Tradingview.com
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