The largest cryptocurrency, Bitcoin, is currently making headlines for its rapid growth over the last few months. However, according to analyst Crypto World, Bitcoin’s current price trajectory has led to a surge in liquidations, hinting at a momentous shift in the market.
He suggests that historical price structures are being mirrored, similar to previous bullish cycles, particularly between 2020 and 2021. Despite short-term fluctuations, the broader trend remains bullish, providing opportunities for strategic entries during temporary pullbacks.
“I’ve been saying over and over again here on the channel right now the price of Bitcoin is potentially repeating history because we’re seeing an extremely similar price structure to what we saw in the last bull cycle back in 2020 going into 2021,” the analyst said in his latest analysis.
He also notes, “Even during a bullish trend, we can see short-term pullbacks from time to time, so just be aware if we’re seeing a 10% pullback or a 20% pullback that’s actually very normal price action to see even during a bullish trend.”
The analyst said that when there are 10-20% pullbacks, there can be good chances to buy in for the short term, especially if you believe the bull market will keep going. Overall, the bigger picture still looks optimistic. Bitcoin’s price range has oscillated between $68,000 and $69,000, with resistance at $71,500.
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Meanwhile, Ethereum’s price action draws attention as it approaches critical support levels around $3,400 to $3,500. Resistance zones are identified at $4,100 and an all-time high of $4,900. With Ethereum forming a new pattern, investors anticipate a potential breakout, which could significantly impact market sentiment.
Solana, another prominent player in the crypto space, is already attempting an upside breakout. Recent price movements indicate a bullish momentum, with resistance observed at $198 to $199. Analysts project a potential upside target of $217 if Solana sustains its upward trajectory.