Bitcoin Is Repeating The 2023 Setup That Sparked Its Last Major Rally, Analyst Says

Bitcoin may be quietly setting up its next big move. Despite this week’s sell-off, a crypto analyst has spotted a pattern on the weekly chart that last appeared in 2023, shortly before BTC launched a rally that more than doubled its price. BTC is currently trading around $76,000, sitting just above its weekly 50-period moving average (MA) at roughly $75,500. That comes after the price was rejected from the weekly MA 100 near $87,400, leaving Bitcoin stuck between the two lines. According to the analyst, this is exactly where Bitcoin found itself in 2023.

Source: Bitcoinist