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.
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.
