Bitcoin's Current Price Action Mirrors Its 2017 Performance, Suggests Trader

According to U.Today, trader Jake Wujastyk has drawn parallels between Bitcoin's current price action and its performance in February 2017. Wujastyk compared two Bitcoin breakouts, one from February 2017 and the other from October 2020. In both instances, the major cryptocurrency experienced significant rallies after consolidating below corresponding resistance levels. A similar pattern appears to be unfolding currently, with Bitcoin seemingly preparing for another rally under the $68,000 level. In 2020, Bitcoin reached a new record high just months after the breakout, tripling its price in a span of two months. At present, Bitcoin is trading at $67,723, as per data from cryptocurrency tracking site CoinGecko, with a market valuation of $1.3 trillion. In late March, Bitcoin attempted to surpass the $70,000 level, but the attempt was unsuccessful. The largest cryptocurrency is still down more than 8% from its current all-time high of $73,737, which was achieved in mid-March. U.Today has previously reported that the Bitcoin price could potentially exceed the $150,000 level in 2024 due to declining inflation. However, it's important to note that cryptocurrency prices are highly volatile and can change rapidly.