Bitcoin has moved sharply higher this week, topping $70,000 per bitcoin after the Federal Reserve made a surprise “admission.”
The bitcoin price has come back to within touching distance of its all-time high as a top Goldman Sachs executive hails an “astonishing turning point.”
Now, with U.S. Treasury secretary Janet Yellen issuing a huge $34 trillion warning that could trigger bitcoin price chaos, bitcoin has been seen to mirror a price pattern last seen in 2017—just before bitcoin’s “parabolic” price run.
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Bitcoin has moved sharply higher this year, putting the bitcoin price back above its 2021 all-time … [+]
“You’re looking at the first breakout of bitcoin against M1 money supply since March 2017 when it went historically parabolic for 9 months,” an anonymous bitcoin analyst posted to X alongside a chart that showed bitcoin’s breakout and retest of a so-called Bollinger band as it last did in 2017.
Bollinger bands are used by traders to chart price and volatility trends while the M1 money supply refers to cash in the economy.
“Dramatic chart,” closely-followed technical analysis trader Peter Brandt replied. “This chart is amazing.”
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The bitcoin price rocketed after a fleet of Wall Street ETFs hit the market.
In 2017, the bitcoin price started the year at under $1,000 per bitcoin before rocketing to a peak of around $20,000 per bitcoin in December 2017.
“Technically, bitcoin has already broken the resistance of the descending channel and is testing horizontal resistance,” Alex Kuptsikevich, senior market analyst with FxPro, said in emailed comments. “The ability to go above $71,000 opens the way for a renewal of historical highs, which could happen very quickly.”
