From the #Bitcoin statement reminiscent of a performance increase of about 200% in 2020 to Bitget asking users to complete identity verification before October 1. Here are some outstanding news in the crypto market.
Bitcoin News
A closely watched analyst says Bitcoin (BTC) is likely to mirror its 2020 market structure as it saw momentum rise from around $16,000 to $60,000 in a matter of months.
Analyst Credible Crypto told his 345,900 followers that BTC is likely to “take a break” after gaining around 100% this year.
Accordingly, Bitcoin's 2023 price action is reminiscent of the performance from March to August 2020 when BTC increased by about 200% before a month-long accumulation period.
“The current structure resembles the structure we saw at $16,000 – $18,000 before the 60-day rally to $60,000. Fractals don't guarantee anything, but they often repeat when the objective and technical context are the same. In both cases, no major time frame market structure is broken and many are predicting much lower prices.”
Credible Crypto said that Bitcoin had a parabolic rally in 2020 after a period of re-accumulation, something he expects to happen again for BTC this time around.
“The previous breakout from the accumulation range triggered the next bull run that saw Bitcoin increase 200% in two months. A 120% rally after breaking out of this accumulation range is all we need to hit a new ATH, and this time, we have twice the time (4 months) to get there in 2019. 2023″.
Source: Credible Crypto
The analyst says that this idea will be invalidated if Bitcoin goes below $24,800.
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