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According to trader Jake Wujastyk, the current Bitcoin price action is similar to its performance in February 2017.
On his chart, the trader is comparing two Bitcoin breakouts from February 2017 and October 2020.
#Bitcoin This current breakout to new all-time highs has very similar price action to the February 2017 breakout (see orange boxes). $BTCUSD pic.twitter.com/66wE4ld9jJ
— Jake Wujastyk (@Jake__Wujastyk) June 2, 2024
In both instances, the major cryptocurrency experienced substantial rallies after consolidating below corresponding resistance levels.
A similar scenario is unfolding right now, with the flagship cryptocurrency seemingly gearing up for another rally under the $68,000 level.
In 2020, Bitcoin went on to hit a new record peak just months after the breakout, and it then tripled in price in just two months.
Bitcoin is currently trading at $67,723, according to data provided by cryptocurrency tracking site CoinGecko. The flagship coin is valued at $1.3 trillion. In late March, Bitcoin attempted to gain a footing above the $70,000 level, but that attempt was unsuccessful.
The largest cryptocurrency is still down more than 8% from its current all-time high of $73,737 that was achieved in mid-March.
As reported by U.Today, the Bitcoin price could surpass the $150,000 level in 2024 due to declining inflation.