Bitcoin Is Repeating The 2023 Setup That Sparked Its Last Major Rally, Analyst Says

Bitcoin may be quietly setting up its next big move. Despite this week’s sell-off, a crypto analyst has spotted a pattern on the weekly chart that last appeared in 2023, shortly before BTC launched a rally that more than doubled its price. BTC is currently trading around $76,000, sitting just above its weekly 50-period moving average (MA) at roughly $75,500. That comes after the price was rejected from the weekly MA 100 near $87,400, leaving Bitcoin stuck between the two lines. According to the analyst, this is exactly where Bitcoin found itself in 2023. Back then, BTC spent months consolidating between the weekly MA 50 and MA 100 before breaking out and kicking off a new bull phase.

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