A crypto trader said Bitcoin is at a “key resistance,” similar to the level where it topped in 2021, but other traders argued historical charts can’t be applied to this cycle.
Bitcoin’s price chart is starting to mimic the pattern it displayed when it reached the previous cycle’s all-time high of $69,000 in November 2021, according to a crypto trader.
Other traders argued that charts don’t tell the full story now, amid mounting demand for Bitcoin (BTC) from crypto treasury companies.
Technical analysts often compare Bitcoin’s price chart to similar patterns in past cycles to figure out when the price might peak, when to sell and when money may start rotating into other assets.
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