Although the price movements of Bitcoin (BTC) in the past few weeks have not demonstrated any surprises, this might change in the following months, at least when taking into account the historical chart patterns that have preceded bullish runs on a couple of previous occasions.
Specifically, the flagship decentralized finance (DeFi) asset could experience a parabolic movement with the bottom formation mimicking that from 2016 and 2020, according to an analysis shared by pseudonymous cryptocurrency expert Trader Tardigrade on August 9.
Bitcoin price patterns in 2016, 2020, and 2023. Source: Trader Tardigrade
As it happens, in 2016, Bitcoin first formed a bottom at $355, following the low of $200 in 2015, after which it proceeded to form another bottom at $452, followed by the $677 level, which served as a stepping stone for the parabolic run that culminated with $6,750 in 2018.
In 2020, a similar thing occurred, as the maiden crypto asset swept the lows at $5,350, formed the bottom at $
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