Bitcoin Chart Looks Like Pre-Rally Setup: Analyst Cites 54% Decline Similarity

Bitcoin analyst Frank Cappelleri believes the cryptocurrency's current chart is similar to the setup that preceded a 400% rally last cycle. According to Cappelleri, Bitcoin's roughly 54% decline this cycle mirrors the 70% drop in 2022-2023. 'This also looks like a bullish pattern to me,' he said.

The analyst compared Bitcoin's current structure with the period spanning 2022 and 2023 when BTC suffered a significant decline. He argued that the earlier slide ended in a large breakout, and that BTC can move up hard once momentum takes hold. 'Bitcoin can really rally,' Cappelleri stated. 'It's a 400% gain.'

However, he was careful not to project the same return this time. Instead, he was looking for 'a very similar foundation' that could eventually take Bitcoin back to new highs.