Wall Street technical analyst Frank Cappelleri diagnosed that a pattern similar to the trend observed before a roughly 400% surge in the previous cycle is being observed in the current Bitcoin chart. He recently appeared on CNBC and explained that the current Bitcoin chart shows a similar appearance to when it surged after a roughly 70% decline in 2022-2023. This analysis suggests that a similar upward foundation could be formed for Bitcoin, which has fallen by about 54% from its peak. However, he added that he is not forecasting another 400% surge this time, but rather focusing on the possibility that a chart structure similar to the past could lead to Bitcoin setting new all-time highs in the future. According to CoinMarketCap, BTC is currently trading down 1.05% at $84,635.75.
