Bitcoin's 2024 Price Structure Mirrors 2019 Trends, Says Analyst

According to Odaily, Julien Bittel, the head of macro research at Global Macro Investor, recently shared insights on X regarding Bitcoin's current price structure. Bittel noted that Bitcoin's price pattern this year is strikingly similar to that of 2019. He highlighted that Bitcoin has been in a consolidation phase, which has lasted for 175 days so far, mirroring the duration of the 2019 consolidation period. Bittel emphasized that the market is approaching a critical juncture, suggesting that significant developments could occur soon. He pointed out that the upcoming week will be particularly noteworthy as market participants closely observe Bitcoin's response to this potential turning point. The key question remains whether Bitcoin will follow the 2019 script or deviate from it. Bittel concluded by stating that if the current trend persists, there could be substantial upward momentum in Bitcoin's price.