It has been revealed that the price of Bitcoin could explode in July and bring back memories from November 2020. Check out the latest reports below.

Bitcoin price to explode in July

A popular crypto analyst suggests that Bitcoin (BTC) could experience significant upward movements if its current setup mimics its market structure from November 2020. The analyst, known as TechDev, shares with his 413,000 Twitter followers that BTC seems to be following a similar price action as last year, although it’s uncertain if it will repeat the same pattern.

TechDev’s chart indicates that BTC is exhibiting three technical signals that resemble its market structure from November 2020.

Based on the chart analysis, BTC has broken through a diagonal resistance in January and retested it in March. The chart also highlights that Bitcoin is currently following a horizontal support line after rebounding from it at the end of last month.

Additionally, the relative strength index (RSI) suggests that the momentum indicator has crossed above its 14-month simple moving average (SMA), retested support, and is now moving upwards.

The three signals also appeared in November 2020 before Bitcoin rallied from above $10,000 to $60,000 in a few months.

“Next, we’ll find out if July 2023 = Nov 2020. Bitcoin.”

Bitcoin price analysis

A crypto strategist who is followed closely believes that Bitcoin (BTC) is ready to make a parabolic advance.

The pseudonymous analyst, Credible Crypto, informed his 341,900 Twitter followers that Bitcoin’s bull market has most likely started following BTC’s successful retest of $25,000 as support.

The trader predicts that Bitcoin is set to make significant gains in the high timeframe, as he expects bullish momentum to grow exponentially in the upcoming months.

Credible Crypto uses BTC’s 2020 bull market as an example, a period when Bitcoin generated monster rallies for six straight months.

“For example, on our last impulse ($10,000-$60,000) the monthly candles following our major monthly retest at $10,000 (equivalent to the one we just got here at $25,000) were larger than any of the preceding ones and continued to grow in size till our peak.

The first was a $3,600 move, the next a near $7,000 move, the one after that a whopping $12,000 move, after that a $15,000 move and the 2nd to last monthly candle prior to our peak an incredible $25,000 move.”

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