The current Bitcoin rally is very similar to the BTC boost that occurred back in 2017. Even though the price range of the current rally is different from the one that took place in 2017, the formation of price through the rally stages is similar.
Bitcoin 2020 Peak Structure
This Bitcoin Weekly chart below underlines the parallels among the 2017 rally and the current rally stage. Though there are small price scale variations linked to the volume and extent of the various price trend configurations, the technical format is nearly equal to the 2017 rally stage.
First, the bottom level reached after the COVID-19 downward motion on March 13, 2020 – just around two weeks away from March 26, 2017 bottom. Second, the rally in 2017 comprised a $2082 (+233%) rally stage while the recent rally from the March 13 depths comprised $6750 rally (+186%) in price. We suppose the parallels in the rally rate ranges line up close to enough to suggest that both rallies’ phases are rather similar.
Next, in July 2020, a new rally stage started making Bitcoin prices increase around $3225 (+35.75%); this rally ended in August 2020. In 2017, this second rally stage consisted of a $3061 price rally (+166%) that ended on September 15, 2017.
Finally, the last rally stage in 2017 began during the end of September 2017, broke-out on October 12, 2017 – then topped about 60 days later close to December 17, 2017. The present rally stage in 2020 commenced near a low-price level on September 8, 2020 and created a break-out rally on October 20, 2020 – only 8 trading days change between the 2020 breakout bar and the 2017 breakout bar.
The final stage rally in 2020 has, so far, comprised $14,435 price rally (+146%) while the 2017 final stage rally consisted of a $16,704 price rally (+553%) and the present 2020 final rally phase has moved $14,435 (+146%).
Take in account that the big breakdown in Bitcoin in 2017 first occurred on December 22, 2017, then broke down on January 16,2017. Those might be crucial dates in the future, use them to your advantage.