Bitcoin price action similarities between 2019 and 2023
The conclusion of hash rate wars in 2018 saw Bitcoin price crash from roughly $6,000 to $3,000. This sudden drop formed a local bottom for BTC, which was followed by 107 days of consolidation.
This consolidation ended on April 1, when Bitcoin price shot up and formed a bullish divergence on the daily chart. The setup was followed by a 173% upswing in the next two months, which pushed BTC to form a local top at $13,880.
In 2023, a similar setup has formed, indicating that the ongoing coiling up is likely to lead to a similar outlook. While a 173% upswing is unlikely, investors can expect Bitcoin price to push deeper into the weekly Bearish Breaker area, extending from $29,247 to $41,273.
The likely targets are the midpoint of the said breaker at $35,260 and the range high at $41,273.