Bitcoin traded as high as $73,000 following a 9% price rally in the past week. However, the broader market suggests the leading cryptocurrency is still stuck in a bear phase that’s been dragging on for more than six months. Interestingly, historical data suggest that recent price movement could trigger a significant bullish rebound, providing investors with a mid-term to long-term relief period.
Bitcoin Nears Key Support Level As Bulls Eye Historical Recovery Run
A similar event was observed in 2018; however, it resulted in a lower yield of 261%. In 2020, Bitcoin’s retest of the Parabolic Guard triggered 1,126% price increase, before the 2022 bear market commenced. The bullish condition was met again later in 2022, resulting in a 660% gain observed over the last four years. According to Martinez, the historic ascending trend line currently runs between $56,000 and $60,000, about 20% below the current market price. Interestingly, the present cycle low lies around $60,000, which Bitcoin formed amid an intense market sell-off in early February.
Bitcoin Market OverviewFeatured image from Freepik, chart from Tradingview
