- An analyst named Ali predicted that BTC’s price could pump towards the end of the year if history repeats itself.
- At press time, BTC was changing hands at $29,030.40 following a 24-hour loss of 0.58%.
- A bearish chart pattern was present on BTC’s daily chart which suggested that a breakout towards the downside is imminent.
The cryptocurrency trader and analyst Ali revealed in a tweet yesterday that the price trajectory for Bitcoin (BTC) post the 2021 all-time high seems to be mirroring the 2013-2017 bullish cycle. If history repeats itself, the market leader may see its price pump towards the end of this year.
#Bitcoin price history could be repeating itself! $BTC price trajectory post-2021 all-time high appears to be mirroring the 2013-2017 bullish cycle. pic.twitter.com/reCbCB8vCJ— Ali (@ali_charts) August 4, 2023
Meanwhile, at press time, CoinMarketCap indicated that BTC was trading at $29,030.40 after its price dropped 0.58% over the past 24 hours. This negative performance also pushed the cryptocurrency’s weekly performance further into the red, taking the total weekly loss to -1.12%.
Despite the negative daily performance, BTC was able to outperform the rest of the market over the past day of trading. BTC’s market dominance increased 0.02% in the last 24 hours – boosting its dominance to 48.73% at press time.
Daily chart for BTC/USDT (Source: TradingView)
From a technical standpoint, there was a bearish rising wedge pattern that had formed on BTC’s daily chart. This pattern suggested that a breakout towards the downside is imminent in the coming week. If validated, BTC’s price could fall down to $26,915 in the following couple of days.
However, the market leader’s price may attempt to break above the psychological $30K level within the next 24-48 hours. Continued buy support may then elevate BTC’s price up to the next major resistance level at $32K.
One thing to take note of is the fact that the 9-day EMA line had crossed below the 20-day EMA line in the last week. This signaled that BTC had entered into a short-term bearish trend and its price may continue to fall in the upcoming few days. In addition to this, the 9-day EMA line had also broken below the 50-day EMA line over the past 48 hours.
If the 20-day EMA line on the market leader’s chart falls below the 50-day EMA line, then it may confirm the bearish thesis and the chart pattern will be validated. In this scenario, BTC’s price will most likely retest the crucial $26,915 support level.
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