Bitcoin (BTC) may have lost over 10% in the past 24 hours, but one analyst is saying that this sets up the asset’s chart nicely. In a recent eye-opening tweet, popular analyst Filb Filb, known for his astute market observations (he predicted the rally to $5,000), posted the two charts, seen below.
As he points out, Bitcoin’s current inverse chart looks eerily similar to the same chart seen from late-2014 to 2016, during which BTC capitulated, traded in an accumulation range for months, broke out above the level, and threw back to a key support level. If history rhymes to a tee, BTC will further bounce from here to trade between $6,000 and $8,000 for a number of months, then skyrocket to new heights as the block reward halving arrives in mid-2020. In fact, if history is followed, 2020 will be when the next parabolic run is started, during which some analysts estimate that Bitcoin could breach $100,000 apiece.