Analysts have noted that Bitcoin (BTC) is repeating a rare pattern that occurred between 2018 and 2019. This pattern led to a staggering 308% gain, and if history rhymes, BTC could surge to $270,000 from its price of around $68,431 at press time. This bullish outlook comes as Bitcoin shows resilience with a nearly 4% gain since the Israel-Iran conflict started over the weekend.
Bitcoin Repeats 2018-2019 Pattern Amid Bearish Pressure
Analyst Ash Crypto observed that Bitcoin might be nearing the end of its bearish path. He noted that Bitcoin has registered losses for the past five consecutive months since November. If March also ends in the red, it will mark six consecutive months of trading in the red.
However, the analyst noted that these losses could be a positive thing for Bitcoin. He added that the last time six consecutive monthly red candles were recorded was in 2018-2019. After these losses, Bitcoin printed five consecutive green candles, registering an over 308% gain. The price shot up from $3,400 to $14,000 within months.
“If history repeats, BTC is close to a bottom after five red months, and we could see a massive reversal in the coming months,” Ash noted.
If the 308% surge begins now, when Bitcoin is trading around $68,000, the price could reach $270,000. At this price, BTC would have a market cap of more than $5.4 trillion, nearly five times its current market cap.
Ash’s bullish take has received criticism from some members of the crypto community. Some noted that current liquidity conditions would not allow such a rally. Others noted that in 2018, the market was coming off an extremely bearish, dead market sentiment, which allowed the over 300% rally to occur.
Bitcoin Traders Open Longs Despite Iran Conflict
The sentiment towards Bitcoin has remained positive despite the ongoing geopolitical conflict between the US, Israel, and Iran. The Hyperliquid Whale tracker indicator from Coinglass, which shows whether whales are opening long or short positions, indicates a bullish bias. At press time, seven out of the top ten largest positions on Bitcoin on the platform were long positions.
This development comes as BitMEX co-founder Arthur Hayes opined that the conflict could be bullish for Bitcoin if the Federal Reserve eases monetary policy.
Source: https://zycrypto.com/bitcoin-repeats-rare-2018-pattern-that-drove-308-rally-can-btc-hit-270000/
