Six-time NBA champion Scottie Pippen has identified a pattern in Bitcoin’s price development that suggests the cryptocurrency may be preparing for a significant bull run. In his latest post on X, Pippen shared a screenshot, highlighting similarities between Bitcoin’s current trend and the price behavior in 2020.
Pippen’s post showed how Bitcoin experienced a notable pullback after an impressive rally, only to turn around and deliver what became a historical uptrend. Besides sharing chats comparing BTC’s price movement across both eras, the NBA icon noted that Bitcoin’s current level aligns with the base of the 2020 pattern, suggesting the cryptocurrency might be on the verge of another upside reversal.
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For context, the historical data Pippen shared showed that Bitcoin surged more than 550% after bouncing off support in September 2020. It marked a new era in Bitcoin’s life, as the cryptocurrency climbed above the $20,000 milestone for the first time, opening the way for higher price targets.
BTCUSD Monthly Chart on
TradingView’s data reveals that Bitcoin currently trades for $68,202, a price that coincides with the top of the 2020/2021 BTC rally, which now acts as strong support for the cryptocurrency. It is technically ideal to expect a reversal around this point, considering Bitcoin’s historical behavior. Also, judging by Pippen’s comparison, a repeat of the identified trend, which would lead to another 550% rally, could see Bitcoin reach a new all-time high of approximately $430,000.
Although this target appears optimistic, considering Bitcoin’s behavior over the past few months, it is worth noting that the cryptocurrency’s most significant rallies have come after severe bearish trends. Besides, Bitcoin’s increasing network activity and the influx of institutional investors remain viable signals that the cryptocurrency may be building momentum for another significant bull run. A feature that has characterized its development from inception.
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