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Bitcoin: How THIS historical pattern can push BTC to $220k
The recent surge in the price of Bitcoin (BTC) has led to a lot of speculation and debate about its future trajectory. With a current market value above the psychological level of $100,000, some experts believe that it could reach new heights, potentially pushing its price all the way up to $220,000.
One analyst who shares this view is Ali Chart, who has pointed out that BTC’s recent performance appears to be mirroring historical patterns seen in both 2017 and 2020. According to his analysis, these patterns suggest a potential market peak at $220,000 if history repeats itself.
The data shows that the current market environment bears some striking similarities to previous cycles. In particular, it highlights the shift in sentiment and behavior among long-term holders of BTC. Data from Glassnode reveals that long-term holders have been initiating a substantial sell-off, taking profits and driving market activity.
This recent sell-off has been characterized by 54% to 70% of trading volume, with some estimates suggesting this could be as high as $73–$117 million per hour. This level of profit-taking is reminiscent of what occurred during the last market cycle, where a similar pattern was observed among investors who had accumulated their positions over a period ranging from six to twelve months.
Historically, such profit-taking activity has led to an exhaustion phase in the market, often followed by a renewed rally as buying activity resumes. This phenomenon has been seen in previous cycles and could potentially occur again, leading to a new all-time high for BTC at $220,000.
As the asset continues its upward trajectory, it is expected that these phases of profit-taking and exhaustion will persist throughout. In fact, some experts believe that corrective moves could be triggered at key levels including $110,000, $125,000, and $150,000 before further rallies take place.
In conclusion, based on historical patterns and data analysis, there are strong reasons to believe that Bitcoin’s current upward trend may continue, potentially leading to a new all-time high of $220,000. However, investors should be aware that such an event would likely involve significant corrective moves beforehand.
Source: ambcrypto.com
