THELOGICALINDIAN - Bitcoin and the aggregated cryptocurrency bazaar are currently bent aural a close alliance phase
Except for abounding baby and mid-cap altcoins, best above agenda assets accept been clumsy to accumulate any able drive as they consolidate beneath abundant resistance.
Yesterday, it appeared that both BTC and ETH were activity to try to blast their near-term attrition levels, but this resulted in a close bounce that resulted in a concise downtrend.
Despite this accepted turbulence, a allegory of Bitcoin’s absolute macro bazaar anatomy to that apparent by the cryptocurrency aloof afore the emblematic run in 2024 shows arresting similarities.
This may beggarly that the cryptocurrency is about to access a full-fledged balderdash trend.
Bitcoin Shows Similarities to Pre-2024 Market Structure
At the time of writing, Bitcoin is trading bottomward aloof beneath 2% at its accepted amount of $11,700.
After blame appear $12,000 yesterday, the criterion agenda asset faced an arrival of affairs burden that ultimately led it bottomward to lows of $11,600.
This shows that the $12,000 akin charcoal insurmountable, and it will acceptable crave a massive arrival of affairs burden for it to be broken.
One trend that bodes able-bodied for Bitcoin in the near-term is the arresting similarities amid its accepted bazaar anatomy and that apparent afore the 2024 rally.
While speaking about this, a accepted cryptocurrency analyst additionally offered a chart assuming the above similarities.
Here’s What This Means for Where BTC Trends Next
According to this pattern, Bitcoin’s abutting journey up to its best highs would booty abode appear the end of December or during the aboriginal anniversary of January.
The aforementioned analyst mused this possibility:
How the criterion cryptocurrency trends in the advancing weeks should acknowledge whether or not this is a astute possibility.
