For a particular school of thought, the world is a turntable, and for them because the world always revolves, history will always come around and repeat itself like a full cycle.
The Bitcoin market perfectly encapsulates that school of thought, and if the current price indicators are anything to go by, history is about to repeat itself in the Bitcoin market.
Analysts are of the opinion that a key indicator’s bullish turn could mark could be the start of the next astronomical price rise.
It was back in 2015 that the most popular and valuable cryptocurrency achieved godlike status in terms of its price action, and if the last eight months are anything to go by, we might be getting similar 2015 Bitcoin prices in the coming months. A trip down memory lane to a couple of months ago shows that Bitcoin bear market came to a close around $3,100 in the middle of December, and prices remained below the $4,000 mark till the start of April, before breaking into a bull on the 2nd day of April.
A look at the recent events shows that the bear market came to a halt a months before the 50- and 10-week moving averages, thus confirming a bearish crossover.
If past happenings are anything to go by a similar occurrence was in 2014 when the bear market stopped its run, leading up to a bullish breakout. The chart places both occurrence side by side
The final part of 2013 was the start of the bear market, and at the beginning of 2015, it was running as low as $150. The 50- and 100-week Mas gave a bearish cross around April, and by the concluding part of October 2015, a bullish reversal emerged.
At the back of a sharp climb from $320 to $500 in November, the bull market came to a halt around $450. However, the end of May 2016 served as a resumption for the bull market as prices climbed to approximately 18 percent and the 50- and 100-week MAs produced a bullish crossover. The early part of February 2017 saw BTC go up to a record high of $1200.
Fast forward to present time and Bitcoin is currently trading around the $10,000 mark, having risen from around $4,000 to as much as $13,880. Additionally, with the bull market stalling these past few weeks, who is to say history won’t repeat itself? There is a strong indication that we could see Bitcoin prices hitting the $20,000 mark in the coming months, and even exceed it.