BITCOIN May 2020 VS April 2022 Halving. Striking similarities.

Bitcoin (BTCUSD) is only a few days before the new Halving event and is already below its 1D MA50 (blue trend-line) for the first time in 2 months, having broken the previous Ascending Triangle pattern.

This is a sequence that we have seen before during the previous Halving (May 11 2020). Of course the Halving took place at the start of the Ascending Triangle and not after it broke but we want to grasp the general picture and as you see the price action around this critically important fundamental event is very similar.

The goal now is for BTC to hold its 1D MA100 (green trend-line) intact as it did in June 2020 (also held it last time on January 23 2024, which delivered a remarkable rebound) and attract new long-term buyers. Notice also the similar 1D RSI Falling Wedge patterns.

The 2020 Triangle reached its 2.0 Fibonacci extension, so that is our next medium-term Target at $90000.

Do you think the 2020 fractal will be repeated? Feel free to let us know in the comments section below!


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Comment:

Obvious title correction: "April 2024"