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Analyst Says Bitcoin Chart Is Bringing Back Fond Memories


The Bitcoin chart keeps looking better and better. 

Covered:

  • Bull Run Memories
  • Bitcoin Bullish Momentum

Memories Of Bull Runs Past

If you’ve been around crypto and Bitcoin since 2017, you should have some fond memories of watching your portfolio moon — what’s more exciting than a God Candle in a minute chart? 

2017, of course, brought us almost 20k Bitcoin, while 2021 brought us the hilariously appropriate top of 69k. Though, considering we’ve seen these two tops, the question remains: how long do we have to wait for those fond memories to stop feeling like pangs of regret? Because, if 2017 and 2021 bring back warm fuzzies, everything in between makes you want to forget you ever got orange pilled.

According to TechDev, it’s looking less likely we have to wait until 2025 for another run-up.

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Bull Run Memories

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“Bitcoin continues to stack signals that suggest a building macro bullish momentum,” says popular Twitter Bitcoin analyst TechDev. 

That checks out considering Bitcoin’s recent price action. The world’s most popular cryptocurrency has been building up nicely from its end of February lows that saw BTC fall as low as 34k on some exchanges. BTC is currently trading close to 46k and up 16% in the last month.

But more importantly, BTC is showing great strength when you zoom out. “It [BTC] has now closed two consecutive weekly candles above the EMA ribbon after spending multiple weeks below,” TechDev noted, before adding, “This is very reminiscent of the moves out of the 2018 bear market bottom and the March 2020 drop.”

Taking a look at the chart above, take note of the elegantly drawn green cups for 2019 and 2020 and compare them to what we are seeing now in 2022. The similarities are obvious, but there’s no indication of how good these new flashbulbs might be this time around.

Will history rhyme as it’s won’t to do? Who knows. But it’d sure be nice. For example, the consecutive weekly candles in 2020 saw Bitcoin run-up from 8k to almost 70.

Ahh, the memories.

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For more TechDev, make sure to check out his newsletter. Also, follow him on Twitter for the latest, greatest technical analysis.

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