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Bitcoin: How THIS historical pattern can push BTC to $220k
A recent analysis by crypto analyst Ali Chart suggests that the current market dynamics are mirroring the patterns seen in 2017 and 2020, potentially paving the way for Bitcoin (BTC) to reach a staggering price of $220,000.
As it stands, Bitcoin has maintained its position above the psychological level of $100,000 for several days, despite broader market declines following its all-time high of over $108,000. The cryptocurrency has recently recorded modest gains of 0.64% and 2.05% in the last week and 24 hours respectively.
Despite this recent fluctuation, many are speculating that these price movements may be part of a larger, broader rally as Bitcoin moves towards establishing new record highs.
The forecasted trajectory suggests BTC will encounter three critical resistance levels, where selling pressure could arise before resuming its upward momentum. The ongoing market decline appears to align with this broader structure, heading towards the crucial zones.
Ali Chart outlined the potential price milestones: “If Bitcoin (BTC) behaves like in 2017 and 2020, there will be a brief correction after reaching $110,000, a steep correction after hitting $125,000, a big correction at $150,000, and the end of the bull market at $220,000!”
Market observers are now waiting to see if this historical pattern unfolds as predicted.
Source: ambcrypto.com
