Bitcoin's bullish trend seems far from over, provided that a historical chart fractal from several years ago continues to unfold. Traders need not be overly concerned about the significant one-day drop in 2023, as indicated by a particular chart pattern.

On December 12, in a post on X (formerly Twitter), the well-known trader Alan Tardigrade identified striking similarities between the current state of Bitcoin and that of four years ago. Despite encountering challenges in overcoming crucial long-term resistance, Bitcoin's price action appears to be following a familiar pattern, reminiscent of the post-COVID uptrend observed between late 2019 and mid-2021.

Tardigrade emphasized a blueprint for a Bitcoin bull market, originally observed in 2020-21, which is now manifesting itself again. The price recovery since the late 2022 multi-year low for BTC/USD has closely mirrored the movements of 2020-21, including the recent decline, echoing a similar event on the path to Bitcoin's all-time high of $69,000.


BTC/USD fractal comparison. Source: Alan Tardigrade/X

In his commentary, Tardigrade noted, "Bitcoin is repeating the moves in 2019-2021. Take some rest and GO." Known for his optimistic views on Bitcoin's price trajectory, he also proposes a long-term theory positioning 2019 as the starting point for a more extensive "bull market cycle" with a potential BTC price target of up to $400,000. Tardigrade suggests that Bitcoin is currently experiencing a phase of "renewed optimism" following the establishment of a "bear trap" at the 2022 lows.

The recurrence of fractals from past price cycles is becoming more commonplace in the current cryptocurrency landscape. Another social media commentator, Nunya Bizniz, hinted at Bitcoin potentially repeating its 2020 progress, even before the drop on December 11. Despite this, there is still time for the fractal to continue playing out.

Subsequent analysis raises questions about the duration it might take for BTC's price to reach a new all-time high. Historical patterns suggest that with each cycle, from its long-term low to a new peak, the process takes four weeks longer. Extrapolating this trend gives a 27-month timeframe, indicating a potential deadline for achieving a new all-time high in February 2025.