- Bitcoin’s historical price patterns reveal cyclical movements, with major peaks followed by major corrections.
- The current resistance zone near $63,000 could be pivotal for Bitcoin’s potential to initiate another parabolic move.
- Technical indicators like RSI and MACD suggest that Bitcoin may continue its upward momentum despite existing challenges at resistance.
According to Sensei, a crypto analyst on X, Bitcoin could be up for its biggest bull run ever. Based on a long-term analysis, Bitcoin’s price action reveals cyclical patterns dating back to 2013. Key technical indicators suggest that Bitcoin is approaching critical resistance levels, potentially setting the stage for future price increases.
Historical ATHs and Corrections
The analysis identifies major Bitcoin cycles beginning with the ATH in 2013, where prices peaked around $1,100. Following this high, Bitcoin experienced a 80% correction, reaching a bottom in 2015 at approximately $150.
In 2017, Bitcoin surged to a new ATH of around $19,800. After this parabolic rise, the market corrected again, this time by roughly 34%. The 2018 bear market drove prices down by about 85%, setting a bottom near $3,000.
The Impact of COVID and 2021 ATH
The COVID-19 pandemic triggered a sharp but brief crash in 2020, with Bitcoin quickly recovering in a V-shaped rebound. This momentum continued into 2021, with Bitcoin reaching its highest price to date, approximately $69,000.
Following this ATH, Bitcoin entered a correction phase of around 17%, which eventually led to a prolonged sideways period in the market. This shows Bitcoin’s tendency to experience sharp corrections post-ATH, followed by recovery phases.
Current Phase and Resistance Levels
Following the 2021 ATH, Bitcoin entered another transition phase, marked by a 32.82% correction. Prices dipped to the $16,000-$17,000 range before beginning a gradual recovery. Notably, Bitcoin now approaches the key resistance zone around $63,000-$64,000, a level near its previous ATH.
Historically, Bitcoin has struggled at similar points, and its ability to break through this zone will be critical. The potential for a parabolic move remains, but substantial resistance is expected.
With Bitcoin showing steady upward momentum, key indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggest bullish continuation. However, challenges at resistance levels remain
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
