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A chart pattern similar to the one that preceded Bitcoin’s roughly 400% surge in the previous cycle is now appearing again, former Wall Street technical analyst Frank Cappelleri said in a recent CNBC appearance. Cappelleri said the current Bitcoin chart resembles the setup seen after BTC fell about 70% in 2022-2023 and then rebounded sharply.
He said Bitcoin, which is down about 54% from its peak, may be building a similar base for an advance. At the same time, Cappelleri added he is not forecasting another 400% rally, but is instead watching whether a similar chart structure could help drive Bitcoin to a fresh all-time high. According to CoinMarketCap, BTC was trading at $84,635.75, down 1.05%, at the time of writing.