Bitcoin Could Soon Surge If History Repeats Itself
Bitcoin is primed to begin a macro rally from here if history repeats itself, a recent analysis by a crypto chartist indicates.
The chartist shared the chart below on September 3rd. It shows that BTC’s about to bounce off a pivotal downtrend from the $20,000 all-time high.
While not identical per se, BTC completed a similar retest at the start of the previous bull run, where it retested the resistance of the $1,300 all-time high as support before rallying higher.
Should history repeat, BTC will not begin its bull run after it prints a clean bounce off current price levels:
“BTC weekly: 2015 -vs- 2020. Retest of descending trend line. After the successful 2015 retest, BTC ran 8,000% into the Dec 2017 ATH. Silly hopium?”
![](http://futureneteam.biz/wp-content/uploads/2020/09/Chart-of-Bitcoin.png)
Not entirely unlikely: btc’s macro chart structure remains bullish
Corroborating this sentiment that BTC is on the verge of a macro upswing is other analyses of the cryptocurrency’s macro price action.
One trader recently shared this chart below. It shows that Bitcoin’s recent price action is actually a clear retest of a macro support level, not a bearish breakdown as many have noted:
“$BTC funding and premium index reached the lowest it had been since March 19th yesterday… Except this time we’re retesting a multi-year S/R level with a confirmed bullish break in MS all the way up to the monthly chart…”
![](http://futureneteam.biz/wp-content/uploads/2020/09/Chart-from-TradingView-1024x508.jpg)
The fundamentals of the industry remain positive. For one, Fidelity Investments was recently revealed to have begun work on a Bitcoin fund focused on offering BTC exposure to institutional clients.
Source: bitcoinist.com