Bitcoin rallied above $105,000 in mid-morning European trading on Tuesday, clawing back losses sustained over the weekend after dipping below six figures for the first time since May. Yet the respite may prove fleeting, says veteran technician Quantum Ascend (@quantum_ascend).
Bitcoin Price Mirrors 2021
On side-by-side charts of the current cycle and the 2021-to-2024 arc, the analyst argued that Bitcoin is “the same exact pattern—run-up, one high, back down, second high,” followed by an ABC corrective sequence that in 2021 bottomed only after a second, deeper flush. “Gut says no,” he told viewers when asked whether last Friday’s sell-off had already marked capitulation. “We’ve been talking about this ABC since March… people were calling for new lows; I said nope, we got five waves at the top, we got an ABC and then we go— and that’s when the alts take off.”
His base case now envisions a relief rally toward the $107,000–$108,000 band—the level w
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