Analyst predicts significant growth of bitcoin cryptocurrency

A well-known market researcher and observer of Smart Money movements under the pseudonym bike4sail published an analysis of the bitcoin cryptocurrency on the social network X. He showed 2 price charts of the flagship digital coin paired with the US dollar (USD). According to the expert, they are very similar and the value of the main virtual currency may go up in the near future.

The charts below compare the current price movement of BTC $65,723.80 Bitcoin -0.13% Market capitalization $1.3 trillion VOL. 24 hours $0.62 billion with a similar increase in 2017. Both illustrations show a similar structure, which allows drawing parallels between current scenarios and what happened 7 years ago.

According to the expert, the price is gradually approaching the previous historical high (ATH) of 2021 at $ 68,907. It is important that the current weekly candle remains above this level, which will signal that the market is ready for further growth. Otherwise, the drop may require additional consolidation time.

On another chart, a specialist demonstrated similar price behavior in 2017, when bitcoin also traded in a range near its 2013 ATH before going up sharply. This historical context may indicate a possible repeat of the scenario in the current market if key support levels are held.

The analyst said that we should closely monitor the $ 68,907 level and use it as a benchmark for further developments in the BTC market. If it is overcome and held, the bullish rally will begin with renewed vigor in the near future. Otherwise, it will take a little more time to accumulate strength for further upward movement.