Bitcoin may be repeating the bullish patterns of 2017 and 2021, hinting at a potential bull run ahead despite recent price drops.
Analysts predicted that Bitcoin could repeat its 2017 and 2021 bull run pattern, hinting at an upcoming surge.
, reflecting a 4.21% decrease over the last 24 hours. Despite this, Bitcoin has seen a 1.96% price increase in the past week. According to analyst Moustache on X , Bitcoin’s current trajectory is similar to these past cycles, albeit at a faster pace.“If you think the bull market is over, open the charts. BTC is doing the same as in 2017 and 2021, it’s just happening faster in terms of timing. The last time the ROC & SROC indicator changed from red to green was in 2016. A massive wave is coming imo.”
In fact, this historical trend suggested that Bitcoin might be preparing for another significant upward movement as it approached the next retest in 2024.Despite the recent decline, market sentiment around Bitcoin remained largely optimistic. Moustache“It’s always funny to see the bears coming out and posting horror scenarios even though BTC is down just 5%. They probably haven’t realized that Bitcoin has already been above the 2021 ATH for 7 months. That’s called support.
Regarding holders’ composition, 71% have held Bitcoin for over a year, 24% for 1–12 months, and 5% for less than a month.
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