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Ongoing Bitcoin Price Fluctuations – Is There Something We Are Still Missing To Predict?

The leading cryptocurrency Bitcoin [BTC] is primed to start a macro rally from here if history repeats itself, a recent analysis by a crypto chartist reveals.

The analysis revealed that the Bitcoin is close to bouncing off again from a pivotal downtrend from the $20k all-time high.

While not similar, BTC completed an identical retest at the beginning of the earlier bullish run, where it retested the resistance of the $1,300 all-time high as support before rallying higher.

Should history repeat, BTC won’t begin its bull Run after it prints a clean bounce off the present price levels:

“Bitcoin weekly: 2015 -vs- 2020. A retest of descending line. After the successful 2015 retest, bitcoin ran 8,000% into the Dec 2017 ATH. Silly hopium?”

Ongoing Bitcoin Price Fluctuations - Is There Something We Are Still Missing To Predict?

While corroborating this sentiment that Bitcoin is on the verge of a macro upswing is another analysis of the crypto asset’s macro price action.

One trader recently shared this chart below. The study reveals that Bitcoin’s recent price action is really a transparent retest of a macro price, not a bearish breakdown as many have added:

“$BTC funding & premium index reached rock bottom point since it had been since 19th March… Except for this point we’re retesting a multi-year S/R level with a confirmed bull break in MS all the way high to the monthly chart…”

Ongoing Bitcoin Price Fluctuations - Is There Something We Are Still Missing To Predict?

However, the fundamentals of the industry still remain positive. For one, Fidelity Investments was recently revealed to have started working on a Bitcoin fund focused on offering BTC exposure to institutional clients.

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