Pseudonymous analyst The Crypto Dog claims that Bitcoin is currently mirroring a pattern we saw in November 2020. That was of course a period when the 2020/2021 bull run started to gain momentum.
From that point on, the price skyrocketed from $14,000 to its eventual all-time high of $69,000 over a period of several months.
Bullish over Bitcoin
“The last time Bitcoin broke through a level like this, we shot up 375%,” according to The Crypto Dog.
How seriously we should take The Crypto Dog’s analysis remains to be seen. After all, this is a pseudonymous analyst who calls himself “The Crypto Dog” and the analysis itself was made on a phone, as the image shows.
Of course, these kinds of statements do great on Twitter, because people are waiting for bullish stories. But that doesn’t change the fact that The Crypto Dog sees a pattern here and that we can hardly deny that there are similarities.
However, this does not necessarily mean that there will be a comparable increase. In 2020, governments’ “money printers” were running at full speed to combat the COVID-19 pandemic. While central banks are now hitting the brakes to contain inflation.
Resistance at $68,300
For now, the analyst believes it is important for Bitcoin to break through the resistance at $68,300. If it does, then we can look further up, according to The Crypto Dog.
“I am currently leaning towards a continuation of the uptrend without a meaningful decline, which often happens at the start of a major rally,” the analyst said.
Furthermore, The Crypto Dog thinks that the current rally could take Bitcoin to uncharted territory. “This is an all-time high run. Take a blood test. Take testosterone. Leave nothing to chance,” are the exaggerated words of The Crypto Dog.
In addition to Bitcoin, the analyst is currently bullish on Solana-based memecoin BONK. According to our pseudonymous crypto hound, BONK is clearly in an uptrend.
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Source: https://newsbit.nl/analist-voorziet-potentiele-stijging-bitcoin-van-375/
