Bitcoin (BTC) is showing strikingly bullish patterns as its price hovers around the $97,000 mark. Technical analysis points to a rare symmetry in Bitcoin’s price action, comparing the pioneer cryptocurrency to past trends and predicting a sharp move to new all-time highs. 

Bitcoin Price Action Mirrors Bullish Symmetry Patterns

A detailed Bitcoin price analysis by TradingView crypto analyst, ‘TradingShot,’ reveals that Bitcoin recently bounced off its 100-day Moving Average (MA). This critical support level previously triggered a massive price rally in January 2024. Currently, the asset’s price action is mirroring its trend behavior from the previous year, where a similar bounce from the MA100 and the emergence of a bullish symmetry sparked the beginning of a rally that propelled BTC to a new all-time high. 

The analyst shared a chart indicating that Bitcoin is now moving within a “Channel Up pattern”—an upward-sloping parallel channel indicating a potential long-term bullish trend. Within this pattern, TradingShot reveals two accumulation channels, highlighting a period where the Bitcoin price consolidates before continuing its upward move. 

From 2023 to 2024, Bitcoin experienced its first accumulation channel. Right now, the pioneer cryptocurrency is

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Author: Scott Matherson

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