Bitcoin Rises From The Depths. Will It’s Price Pattern Repeat?

Bitcoin’s recent 8% surge in price over the last 5 days has many people wondering if the chart history of Bitcoin surging to new highs in price after reaching record lows is repeating itself. While it’s impossible to say for certain, let’s take a look at the possibility of Bitcoin’s price pattern repeating itself.

Bitcoin has had a volatile few years, to say the least. After hitting an all-time high of nearly $14,100 per coin in December of 2017, Bitcoin tumbled down to around $3,700 per coin by December of 2018 – that’s an 84% drop in value. Ouch. Those that held on saw an astounding rebound as Bitcoin climbed the ladder to $64,000 in 2021

BTC Chart courtesy of Yahoo

Bitcoin has been on the rise again this week of July 2022, and is currently trading at around $23,000 per coin – that’s still well below its all-time high but it’s a significant increase from where it was just a few weeks ago.

Bitcoin Surges

The Bitcoin surge of the last 5 days has been nothing short of impressive. Bitcoin’s price shot up more than 8% over the course of just 5 days, climbing from $21,200 on July 16th to $23,000 on July 21st.

BTC Chart courtesy of Yahoo

This isn’t the first time Bitcoin has seen a sharp increase in price after reaching record lows – in fact, this is quite typical for Bitcoin. After each major dip in price, Bitcoin has always surged back up to new highs within a matter of months or even weeks.

Bitcoin surged from $23,000 to $60,000 in the span of just a few months in 2021, proving once again that it is a force to be reckoned with. This latest Bitcoin price surge has many people wondering if the chart history of Bitcoin surging to new highs after reaching record lows is a cyclical pattern.

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BTC Chart courtesy of Yahoo

The recent Crypto devaluation, known as the Crypto Winter, has taken its toll on many projects in the space. One of the most notable casualties is the stablecoin LUNA, which failed due to the loss of value in Bitcoin and other Cryptocurrencies. The Celsius DeFi platform has also filed for bankruptcy protection due to the Crypto Winter. While it’s impossible to say for certain, these failures could be a sign that Bitcoin’s price is showing durability. Only time will tell. What is evident is that the weaker crypto platforms may be dying a slow death. While bitcoin continues to persevere and make gains during the most tumultuous times in Cryptocurrency history.

Bitcoin’s recent 8% surge in price over the last 5 days is just another example of this pattern. Bitcoin has a history of reaching new highs after hitting new lows, and the possibility exists that it can happen again. So, if you’re thinking about investing in Bitcoin, now might be a good time to do it. Who knows where the price will go next?

The Possibility of Bitcoin’s Price Pattern Repeating Itself

So, is it possible that Bitcoin’s price pattern is repeating itself? Bitcoin’s recent surge in price could be an indicator that it is. If Bitcoin continues to follow this pattern, we could see the price reach new heights in the future. If the saying “History repeats itself” rings through to Bitcoin, there is a possibility of new heights on the horizon.

Bitcoin isn’t the only Cryptocurrency that’s on the rise – Ethereum is, too. Ethereum has seen a sharp increase in price over the last few days, climbing from $1,336.81 on July 16th to $1,508.25 on July 21st. That’s a 12.8246% increase in just 5 days

ETH Chart courtesy of Yahoo

Bitcoin and Ethereum often move in tandem, and it’s no surprise that Ethereum is seeing a surge in price right now. When Bitcoin surges, Ethereum usually does, too. The chart below points out the mirror images of Bitcoin’s trading to that of Ethereum quite effectively. This is likely because investors see Bitcoin and Ethereum as complementary cryptocurrencies, and when one does well, the other often does, too.

ETH Chart courtesy of Yahoo

So, if Bitcoin’s recent price surge is any indication of what’s to come, we could see Ethereum reach new highs in the near future. If Bitcoin’s price pattern repeats itself, Ethereum could be next in line for a big price increase.