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 (formerly 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 2020-21 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,” Tardigare wrote in accompanying commentary.
“Take some rest and GO.”
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.
— Nunya Bizniz (@Pladizow) December 9, 2023
Despite this coming before the Dec. 11 drop, time remains for the fractal to continue playing out.
Subsequent analysis meanwhile queried how long BTC price might take to create a new all-time high. From its long-term low to new peak, the pair has taken four weeks longer each cycle, giving a…
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