If popular crypto analyst Jelle is to be believed, Bitcoin is currently copying its 2017 chart. To reach that point, the Bitcoin price will have to climb to the level of $75,000. That’s where the “next big outbreak” could arise, according to the analyst.

This looks like early 2017

To make sense of Bitcoin’s current price action, analysts often look at price history. According to Jelle, it now tells the story that the current price action resembles that of the 2017 bull market and that was quite spectacular.

Although 2024 has already managed to distinguish itself from 2017 in one respect, namely by producing a new all-time high before the halving. Despite this, Jelle claims that Bitcoin’s biggest increases are still in the future.

For this, he points in particular to the Relative Strength Index (RSI), an important momentum indicator from technical analysis.

“Bitcoin currently looks very similar to early 2017,” says Jelle. “Rise above $75,000 and things will suddenly move very quickly.”

Can Bitcoin still fall?

Of course, there is always a chance that Bitcoin will fall. After the good news about the Ethereum ETFs, the price shot up, but then we reached resistance and Bitcoin fell back a bit.

“Bitcoin is consolidating and is still within its range. That consolidation will probably take a little longer and I even expect prices of 61,000 to 63,000 for Bitcoin,” says Michaël van de Poppe.

So we certainly shouldn’t count ourselves rich when it comes to Bitcoin. There is still plenty to lose in the short term and the second part of the bull market has not just started yet.

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Source: https://newsbit.nl/bitcoin-kopieert-de-bullmarkt-van-2017/

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