Bitcoin (BTC) should not worry traders after the biggest one-day drop of 2023 if one chart fractal plays out.
In a post on X (Twitter) on Dec. 12, popular trader Alan Tardigrade revealed uncanny similarities between Bitcoin now and four years ago.
Bitcoin “repeating” post-COVID uptrend
Bitcoin may be struggling to clear key long-term resistance, but one comparison suggests that it is “business as usual” for BTC price action.
Uploading a chart fractal from late 2019 through mid-2021, Tardigrade highlighted a Bitcoin bull market blueprint, which is now making a conspicuous return.
Since late 2022 — the most recent multi-year low for BTC/USD — price recovery has followed the 2020–2021 pattern practically move-for-move.
Even this week’s comedown is a reflection of a similar event on the way to what remains Bitcoin’s all-time high of $69,000.
“Bitcoin is repeating the moves in 2019–2021,” Tardigrade wrote in accompanying commentary.
“Take some rest and GO.”BTC/USD fractal comparison. Source: Alan Tardigrade/X
Tardigrade is known for his positive takes on Bitcoin price metamorphosis. Another long-term theory puts 2019 as a launchpad for a much broader “bull market cycle” — one with a BTC price target of up to $400,000.
Bitcoin, he argues, is now in a stage of “renewed optimism” after cementing a “bear trap” at the 2022 lows.
#Bitcoin has been in a long term Bull Market Cycle since 2019.
The pattern of Bull market cycle is identified in $BTC and it is now in the stage of “Renewed Optimism”, the first stage of Blow-off phase.
Next stage is “FOMO” when it reaches over $100k.
In the “Euphoria” stage,… pic.twitter.com/XNdaQoSQ7T
— Trader Tardigrade (@TATrader_Alan) December 11, 2023
New all-time high in early 2025?
Fractals from past price cycles are increasingly common in the current crypto landscape.
Related: ‘Early bull market’ — Bitcoin price preps 1st ever weekly golden cross
Last week, another popular social media commentator known as Nunya Bizniz on X suggested that Bitcoin could be likewise repeating its progress from 2020.
BTC daily:
Alternate look at the 2020 fractal.
❓…
..
