Bitcoin's price chart is reflecting a pattern akin to its previous all-time high of $69,000 in November 2021, as observed by a crypto trader. The current price action has been linked to a potential double top pattern, which traders typically interpret as bearish. While some analysts believe that Bitcoin may follow a similar cycle as in previous years, others argue that it is driven more by demand from crypto treasury companies rather than historical patterns. Despite a recent decline of 4.3% after reaching a new high of $124,100, analysts like Kale Abe contend that current market dynamics make it unlikely for Bitcoin to enter a bear market. With significant purchases of Bitcoin by treasury companies totaling $150.98 billion, and Ethereum nearing its all-time high, the sentiment varies among traders. Many caution against relying solely on historical charts, asserting that fundamental demand is a key determinant of price movement. This underscores a growing divide in trader sentiment regarding the relevance of past cycles in today's cryptocurrency landscape.

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