Bitcoin’s been on a wild ride lately, and it’s anyone’s guess what’s next. As it tries to reclaim the $84,000 level, some analysts are drawing parallels with its epic 2017 rally.
You know, the one where it went from $1,400 to $20,000 in a matter of months.
Challenges
But let’s get real here, Bitcoin’s been struggling to hold onto its gains. It surged to $88,765 several days ago, only to fall back to $81,278.
That’s an 8.2% drop in just a week. Now, in the time of writing it’s over $84,000 again, but for how long?
It’s like watching a rollercoaster, except instead of screams of excitement, you get screams of frustration.
Resistance
Now, some people are saying that Bitcoin’s Q2 performance might mirror its 2017 comeback.
Ted Pillows suggests that if history repeats itself, we could see a massive rally later this year.
After all, Q2 has historically been kind to Bitcoin. But don’t hold your breath just yet. Rekt Capital thinks Bitcoin will keep consolidating for a bit longer.
It’s stuck between two big bull market Exponential Moving Averages, and it needs to break out of this triangular market structure before it can really take off.
$BTC New week, new gap.
This is the 5th consecutive week a gap was created due to price movement during the weekend. All the previous gaps closed relatively quickly. pic.twitter.com/WgeDuGUaae
— Daan Crypto Trades (@DaanCrypto) March 31, 2025
Rise
Think of it like trying to escape a maze. Bitcoin’s been bouncing between these EMAs for weeks, just like it did back in mid-2021.
And remember how that turned out? More consolidation before it finally broke free. So, if you’re waiting for Bitcoin to kickstart an uptrend, you might have to wait a little longer.
But here’s the good news, if Bitcoin does follow its 2017 path, we could be in for a nice recovery. Imagine it jumping to new heights, leaving all the doubters in the dust.
It’s possible, but for now, it’s all just speculation. We’ll see what will happen next.
Have you read it yet? Japan will re-classify cryptocurrencies from payments to financial products?
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