The crypto market started 2023 on a bullish note — Bitcoin went up by almost 40%, while many altcoins experienced over 100% gain in value. In today’s article, we will compare the current BTC price action to the one back in 2019. Let’s dive in! 🔎
!). At that point, it would hardly be a bear market rally anymore, and we would likely see new all-time highs. Perhaps an overly optimistic scenario, but one worth mentioning, nonetheless.
If Bitcoin repeats its move price-wise, we are already getting close to the peak of this bear market rally, at $26,200. This seems like a reasonable target, judging from the price action over the past few days. This level did not have much importance in 2019’s bear market rally but did play a big role in the correction that followed. 2018’s price floor was also a critical area from where prices bounced before the famous COVID correction in 2020. All in all, we can conclude that bear market price floors can play a big role in the coming years.All in all, all these different scenarios have merit, though one may have more than the other.
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