Bitcoin back to Breakout of 2019

Bitcoin, the world's largest cryptocurrency by market capitalization, has been on a roll lately. After hitting lows of around $3,800 in December 2018, the price of BTC has been steadily climbing and recently broke out above $8,000. This has many analysts and investors wondering if we are seeing a repeat of the bull run that took place in 2019.

One crypto analyst, who prefers to remain anonymous, believes that the current rally could be the start of another big breakout for Bitcoin. He points to several factors that could be driving the price higher.

A widely followed crypto analyst says that Bitcoin (BTC) could be brewing a repeat of its 2019 breakout after forming a similar pattern over the last few weeks.

First, the analyst notes that institutional investors are becoming more involved in the crypto space. This is evident in the growing number of companies, such as Fidelity and Intercontinental Exchange, that are launching crypto-related products and services. As more institutional money flows into the market, it is likely to drive up the price of BTC.

Another factor that could be driving the price higher is the increasing adoption of Bitcoin and other cryptocurrencies by merchants and businesses. As more companies start accepting crypto as a form of payment, it becomes more convenient for consumers to use it as well. This helps to increase the overall demand for BTC and other cryptocurrencies.

So are these comparable? Market structure-wise and time-wise, they are comparable, and they are comparable also in the breakout rally that we saw get generated from that ascending triangle, 27% and 21%.”

Finally, the analyst notes that the overall sentiment in the crypto market is becoming more bullish. This can be seen in the growing number of positive news articles and social media posts about crypto. As more people become aware of the potential of crypto, they may be more likely to invest in it.

While the current rally may be the start of another big breakout for Bitcoin, the analyst cautions that the crypto market is still highly volatile and anything can happen. He advises investors to exercise caution and not to invest more than they can afford to lose.

The trader cautions investors that in the short term, BTC may not be ready to blast back into a new bull market just yet. He says Bitcoin faces big resistance around the 200 week moving average (MA) and could end up faking out BTC bulls before dipping again.

Overall, it's still early to say if this is a repetition of the 2019 breakout but with increasing institutional involvement, adoption and positivity around the crypto market, the price of Bitcoin is likely to continue to rise in the short term. As always, it's important to keep an eye on the market developments and make informed decisions.