It seems that Bitcoin is flashing a 2020 accumulation style before the king coin exploded in price. At the moment of writing this article, BTC is trading in the green and the king coin is priced at $27,700.
Bitcoin new prediciton is revealed
An important trader believes that Bitcoin’s (BTC) current market structure looks similar to its price action in the second half of 2020. The time was long before the king crypto convincingly took out the $20,000 level.
Pseudonymous trader Cantering Clark said recently that Bitcoin looks bullish after managing to absorb the sell-off last Friday.
According to the analyst, BTC bulls have the upper hand as long as Bitcoin trades above support at $27,000.
“So we failed to break out of the inside day setup, and instead it looks like we accumulated a bit of panic selling below. Coin margined OI (open interest) is up, probably due to hedging, and some long stablecoin margined OI is down, part of the flush. I grabbed a long as long as yesterday’s lows hold.”
He also said that Bitcoin’s four-hour chart appears to mimic a pattern witnessed in November 2020 when BTC took a breather before taking out the key psychological area of $20,000.
“I don’t like to lean on fractals, but this one from 2020 looks almost identical to what we have now on the 4-hour chart. This occurred as price consolidated under the 2017 high.”
He continued and stated the following:
“I think it is worth being patient with Bitcoin here, given the high timeframe break, but I do see the other side’s valid points about possible distributive price action. That being said, there is a pretty clean inside day break that is set up. Acceptance above or below yesterday’s range should offer a brief continuation play. If through the lows, down to $26,5000, and a break above possibly much longer of a throw to $30,000.”