Bitcoin price breaks through $150,000: BTC reappears bullish fractal since 2020

The price of Bitcoin has once again demonstrated a bullish momentum, breaking through the $100,000 resistance level and continuing to rise. For the leading cryptocurrency by market capitalization, this seems to be expected, as market sentiment has returned to normal in recent days. With this trend emerging, a cryptocurrency analyst explained that the price of Bitcoin is actually recreating an important fractal from four years ago, which typically leads to a bull market.

2020 Bitcoin price fractal return
Cryptocurrency analyst TradingShot explained in an article on TradingView that the current Bitcoin trend is strikingly similar to the trend in 2020, and the movements of the two fractals are alike. The price movements appear similar, especially the accumulation and distribution patterns.

In terms of the accumulation phase, Bitcoin's initial first phase occurred between May and August 2020, while a similar accumulation phase is expected to take place between March and September 2024. Just like in 2020, the accumulation in 2024 will end a bullish market cycle, with the Bitcoin price rising from below $70,000 to above $100,000 in just a few months. This is similar to the market movement in 2020, where it rose from below $9,000 to above $12,000.

After these two accumulation periods, the Bitcoin price experienced a period of consolidation, going through a downward trend and sideways movement over several months. This trend continued until the beginning of 2025, similar to the situation from August to October 2020. Now that the second accumulation trend has been completed, just like in 2020, if this situation persists, it may ultimately culminate in a breakout for Bitcoin.
Therefore, the price of Bitcoin has now broken through the pivotal trend line that separates the distribution trend from the second accumulation trend. At the time this cryptocurrency analyst published this article, the price of Bitcoin was in the re-testing phase and testing around $97,000. Subsequently, the price of Bitcoin broke through this re-testing area, thereby initiating a rising trend.

Currently, the 50-day moving average of $97,100 continues to support Bitcoin, and bulls must hold this level to sustain the price rise. The analyst explained that as long as this level is maintained, Bitcoin's price could see a rebound similar to the period from October 2020 to April 2021. TradingShot also pointed out that the RSI series is the same, indicating that Bitcoin may fully follow this trend.

If this fractal works as before, then the target price for Bitcoin in this cycle will be set at 150,000 USD. The Federal Reserve's choice to keep interest rates unchanged instead of raising them, along with other macro developments, also encourages investors to purchase risk assets like Bitcoin.