Bitcoin

As Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) is starting to witness modest gains in recent days, during which the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency industry</a> is struggling under the pressure of <a href="https://finbold.com/coinbase-sued-by-sec-in-new-york-federal-court/" rel="noopener noreferrer nofollow">lawsuits</a> that the United States Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) has filed against two <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/" rel="noopener noreferrer nofollow">crypto exchanges</a>, a <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> run could be ahead judging by a repeating trend.Specifically, <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is currently moving above its exponential <a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">moving average</a> (EMA) on 20 observed time periods and is demonstrating two bars in its <a href="https://finbold.com/guide/bollinger-bands-definition/" rel="noopener noreferrer nofollow">Bollinger Band</a> width percentile (BBWP), as observed by the pseudonymous <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> analyst el_crypto_prof a.k.a. Moustache, in a <a href="https://twitter.com/el_crypto_prof/status/1668537252979396609" rel="noopener noreferrer nofollow">tweet</a> shared on June 13.By comparison, the same <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart pattern</a> had emerged seven years before, in 2016, right before a “mega bull run” began for the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset, during which its price had soared as much as 3,200%, ultimately reaching the top at $19,033, from the mere $580.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1320ce05dfe14c9d81b91781e45646f9.jpg" />Bitcoin price action analysis. Source: <a href="https://twitter.com/el_crypto_prof/status/1668537252979396609" rel="noopener noreferrer nofollow">el_crypto_prof</a>According to the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> expert’s Bitcoin chart analysis, a similar pattern occurred following the Covid-19 crash in 2020, after which the maiden crypto asset saw a bull run of more than 600% to its price, culminating at $56,031, up from around $7,800.<h2 id="header-0">Bitcoin price analysis</h2>As things stand, Bitcoin is currently trading at the price of $26,196, demonstrating an increase of 0.91% on the day and 1.59% over the past week, whereas, on its monthly chart, it is writing down a loss of 2.44%, as per the latest data retrieved on June 13.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5a6fb4f201e94c9188f9f625e7435756.png" />Bitcoin 7-week price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Despite occasional struggles, Bitcoin has still managed to increase its price by nearly 60% since the year’s turn, <a href="https://finbold.com/bitcoin-creates-48000-new-crypto-millionaires-in-2023/" rel="noopener noreferrer nofollow">turning</a> almost 48,000 crypto <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> into millionaires, and recently, the accumulating behavior of its largest holders has <a href="https://finbold.com/bitcoin-whale-hodling-sparks-hope-for-btc-price-rebound/" rel="noopener noreferrer nofollow">indicated</a> a possibility of a strong rebound.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin repeats pattern from 2016, suggesting ‘mega bull run’ on the horizon

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