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A widely followed crypto analyst says that Bitcoin (BTC) could repeat its run in 2019 after forming a similar pattern over the last few weeks.
In a new strategy session, a crypto trader going by the pseudonym Rekt Capital told his 45,000 YouTube subscribers that the current crypto king market structure is very similar to how it was in 2019 before BTC sparked a huge upward rally.
“Let’s start with [the 2019 market structure] to be very similar to [the 2023 market structure]. I mean, it’s so small [now] compared with [the past]however, higher lows and rising triangle for a few weeks and then a breakout…
So is it worth it? In terms of market structure and timing, they’re comparable, and they’re comparable also in the breakout rallies that we saw resulting from those rising triangles, 27% and 21%.”
The strategist continued telling you His 333,700 Twitter followers that even though the current Bitcoin surge may look like FOMO [fear of missing out] rally, he says that macro FOMO hasn’t actually started yet.
“The BTC monthly candle is up around +38% at the moment. In the short term, people are FOMO to BTC.
But in the grander scheme of the new cycle, it’s no FOMO Macro.
FOMO will start at $69,000 towards a new all-time high.”
Trader warning investors that in the short term, BTC may not be ready to return to a new bull market. He said Bitcoin is facing major resistance around its 200-week moving average (MA) and could end up fakeing BTC gains before dropping again.
“It’s worth noting that a bullish scenario here could play out for BTC as the 200 week MA hovers just above ~$23,400.
So, the MA-200 may act as resistance in the short term.
In general, BTC needs to reclaim the 200MA as support for further bullish momentum.” 
Bitcoin changed hands for $22,770 at time of writing.
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Featured Image: Shutterstock/Iggy Nyx
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