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A widely followed cryptocurrency analyst has suggested that the Bitcoin (BTC) may be repeating the 2019 market structure in which it consolidated for months before launching a parabolic rise. Popular cryptocurrency analyst Jason Pizzino told his followers that Bitcoin's rise to all-time highs is reminiscent of the 2019 price action, when Bitcoin surged nearly 4x before taking a break for six months.

Historical Data in BTC
According to Pizzino, Bitcoin's massive move from around $25,000 to $74,000 in a few months is comparable to the fake rally in 2019. In this case, it suggests that BTC could witness a multi-month consolidation before the next phase of the bull market begins. In his statements, the analyst said:

I think there's still some time, and that movement could be similar to what we saw in 2019, not in terms of where we stand in the cycle, but in terms of emotion and what people are thinking at that moment. If 2019 wasn't there, the transition to June 2019 happened very quickly. It was around 300%, $25,000 to $74,000, similar to what we're seeing in the market right now. And a lot of people thought it was basically a left-turned loop where you would see the peak early and then fade away for a long time. Obviously, this did not happen. However, due to the extreme movement, the market remained inactive for quite a long time. You've had six months fall, you've had a few months rise, COVID happened, five months went up, there was another correction, and then the market was on its way to this big bull market.

Critical Level in Bitcoin
The analyst also emphasized that Bitcoin is closely monitoring important price ranges to determine its most likely trajectory in the near term.

If we see a rejection around roughly $67,000, which will be an all-time high between $67,000 and $69,000, then I suspect we'll bounce back. This is where more emotion comes into play. Everyone is extremely bearish again, and as an example, this is what allows the market to consolidate at least between $50,000 and $70,000 instead of consolidating between $60,000 and $80,000. And that's why we need to watch to see what happens between $59,000 and $60,000, and also between $67,000 and $69,000. If we get rejected at $69,000, then we will probably go back and break the $60,000 low, up to around $58,530. #ContentStar #HotTopicDiscussion