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Bitcoin (BTC) Breakout Has Strong February 2017 Vibes: Top Trader

According to trader Jake Wujastyk, the current Bitcoin price action is similar to its performance in February 2017.

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On his chart, the trader is comparing two Bitcoin breakouts from February 2017 and October 2020.

In both instances, the major cryptocurrency experienced substantial rallies after consolidating below corresponding resistance levels.

A similar scenario is unfolding right now, with the flagship cryptocurrency seemingly gearing up for another rally under the $68,000 level.

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In 2020, Bitcoin went on to hit a new record peak just months after the breakout, and it then tripled in price in just two months.

Bitcoin is currently trading at $67,723, according to data provided by cryptocurrency tracking site CoinGecko. The flagship coin is valued at $1.3 trillion. In late March, Bitcoin attempted to gain a footing above the $70,000 level, but that attempt was unsuccessful.

The largest cryptocurrency is still down more than 8% from its current all-time high of $73,737 that was achieved in mid-March.

As reported by U.Today, the Bitcoin price could surpass the $150,000 level in 2024 due to declining inflation.

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