Bitcoin Is Repeating The 2023 Setup That Sparked Its Last Major Rally, Analyst Says

Bitcoinist11-07

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Bitcoin may be quietly setting up its next big move. Despite this week’s sell-off, a crypto analyst...

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Ad Disclosure\n\nBitcoin may be quietly setting up its next big move. Despite this week’s sell-off, a crypto analyst has spotted a pattern on the weekly chart that last appeared in 2023, shortly before BTC launched a rally that more than doubled its price.\nBTC is currently trading around $76,000, sitting just above its weekly 50-period moving average (MA) at roughly $75,500. That comes after the price was rejected from the weekly MA 100 near $87,400, leaving Bitcoin stuck between the two lines.\nAccording to the analyst, this is exactly where Bitcoin found itself in 2023. Back then, BTC spent months consolidating between the weekly MA 50 and MA 100 before breaking out and kicking off a new bull phase.\nSource: AshCrypto (x.com)\nThe question now is whether the Bitcoin market is about to replay that script.\nAnd the last time this happened, the results were hard to ignore.\nHow The 2023 Setup Played Out\nFor most of 2023, Bitcoin moved sideways. Between mid-March and mid-October, the price was largely stuck in a narrow range between roughly $24,000 and $28,000 as the market recovered from the 2022 crash.\nThen things changed fast. On October 23, 2023, BTC pushed through its July high of around $31,800 and set a new 2023 record and 52-week high. The move squeezed traders betting against the market, with crypto shorts taking an $86 million beating in a single day.\n\n\n\n\n\nADVERTISEMENT\nA day later, Bitcoin topped $35,000 for the first time since May 2022. The main driver was growing confidence that BlackRock’s spot Bitcoin ETF would soon be approved, alongside short liquidations and steady institutional buying, as covered in this breakdown of why Bitcoin was skyrocketing to $35,000.\nThe rally didn’t stop there. BTC blasted back above $39,000 in early December, cleared $44,000 shortly after, and closed 2023 with a gain of roughly 156%.\nThe breakout was then confirmed by fundamentals. On January 10, 2024, the SEC approved 11 spot Bitcoin ETFs, and by March 2024 Bitcoin was setting fresh all-time highs above $73,000.\nBitcoin Is Back Between The Same Moving Averages\nFast forward to 2026, and the weekly chart looks strikingly similar.\nIn late September, Bitcoin was holding near $84,000. It then tested the weekly MA 100 near $87,400, got rejected, and slid back toward the weekly MA 50.\n\n\n\n\n\nADVERTISEMENT\nThat puts BTC in the same zone it occupied before the 2023 breakout: above the MA 50, below the MA 100, and building a base. If the pattern holds, this consolidation could be the launchpad rather than the top.\nKey Levels Bulls Need To Watch\nOn the support side, the weekly MA 50 at about $75,500 is the first line of defense. Bitcoin is trading just above it right now, so holding this level on a weekly close matters.\nIf that fails, the next major support is the weekly MA 200 at around $67,800. In past cycles, this long-term average has acted as a key floor during corrections.\nOn the upside, the first hurdle is $82,000. Above that, the weekly MA 100 near $87,400 is the big one.\nAccording to the analyst, if Bitcoin reclaims the weekly MA 100 and holds above it, the door opens for another major rally, just like in 2023.\nMomentum Is Cooling, Not Breaking\nThe momentum indicators support a patient but constructive view.\nThe weekly RSI is sitting near 50, which is neutral territory and still above the zone usually associated with bear markets. In other words, the broader trend has cooled but has not broken down.\nThe Stochastic RSI looks weaker, suggesting short-term momentum could fade a little further. The analyst sees room for the RSI to dip toward 44 before Bitcoin makes its next move higher. That kind of reset is common during consolidations and often clears the way for stronger rallies.\nThe similarities to 2023 are hard to ignore. But first, Bitcoin needs to hold its support.\nWhat do you think happens next?\nIs Bitcoin about to replay its 2023 breakout, or does it need one more dip toward $67,800 before the next leg up?\n\n\n\nEditorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.53.0","shortVersion":"4.53.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2681084764","isCrawlerRequest":true}