Bitcoin repeats 2020 sequence, rally incoming?
Bitcoin (BTC) is trading at $112,851, down 5.98% on the weekly chart. The move marks its lowest point in three weeks and extends a sharp reversal from the all-time high of $124,457 set on August 14, leaving the cryptocurrency down 9.3% from last week’s peak. BTC has broken below its 1D 50-day moving average (MA) for the first time in two months, triggering short-term jitters, though it remains comfortably above the 200-day SMA. The daily Relative Strength Index (RSI) has fallen to 40, a level that marked major lows in both August and June. Despite the pullback, according to cryptocurrency analyst TradingShot , Bitcoin’s current structure resembles a fractal (a recurring chart pattern that mirrors previous phases in price and momentum) from its 2020 cycle. In fact, both the RSI and price action now look similar to late 2020, when BTC began its steep climb. BTC 2024 vs 2020 sequence. Source: TradingShot/Tradingview Back then, BTC’s rebound set the stage for its ...