Bitcoin breakout now echoes 2017 rally: top trader's opinion

06/03/2024

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Market analyst Jake Wujastyk has drawn parallels between the current price trends of Bitcoin and its movements back in February 2017.

Wujastyk's analysis showcases a comparison between two significant Bitcoin surges, one from February 2017 and another from October 2020.

During both periods, the premier digital currency exhibited strong surges after a phase of accumulation beneath key resistance zones.

Presently, the leading digital asset appears to be positioning itself for another upward movement, hovering just below the $68,000 mark.

Following its 2020 breakout, Bitcoin soared to a new all-time high within a few months, tripling its value in a mere two months.

As of the latest figures provided by CoinGecko, Bitcoin is trading at $67,723, with a market capitalization of $1.3 trillion. Earlier in March, Bitcoin tried to break past the $70,000 barrier, although it didn't hold above that level.

Currently, Bitcoin's value sits over 8% lower than its peak price of $73,737, attained in mid-March.

Per a recent forecast by U.Today, diminished inflation could propel Bitcoin's price beyond the $150,000 threshold in 2024.

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