Bitcoin (BTC) Price Prediction: Will Bulls Maintain the Pressure to Avoid Repeating the 2021 Pattern?

Bitcoin [BTC] was gaining bullish momentum as prices approached the all-time high. It saw a 4% pullback in the past two days that retested the $69k support zone.

Bitcoin [BTC] price action was observed to be approaching the all-time high once again. After a 4% pullback over the past two days, BTC price action retested the $69k support zone. However, technical indicators remained bullish.

Back in April and the first half of May, while BTC price action remained stagnant, accumulation continued at a rapid pace.

Highlighting the matter, a recent report by AMBCrypto noted that BTC might be preparing for a 300-day bull run. Moreover, the available evidence further reinforced the bullish narrative.

This momentum indicator shows bulls have to maintain the pressure or risk a slump

Crypto analyst Axel Adler posted a piece of on-chain analysis on X (formerly Twitter) that highlighted the current momentum of Bitcoin and the values the gradient reached over the past 18 months.

The price gradient oscillator above measures how quickly the market cap grows in relation to the realized cap.

During the 2021 rally, as BTC neared its eventual top, the oscillator formed lower highs which indicated a fading bull trend.

In 2024, the oscillator has formed a lower high at 2.96. Therefore, a move past 3 would be optimal for the bulls to avoid repeating the 2021 pattern, which would signal fading bullishness.

At the time of writing, the oscillator reading was at 1.38.

“It’s only a matter of time” for Bitcoin to hit all-time highs

Analyst Willy Woo noted that as the price lacked a true higher timeframe trend, the available Bitcoin was being scooped up.

This led to panic among retail holders, but the spot BTC demand was observed to be large.

According to the analyst, it’s only a matter of time before the prices climb past their all-time high against the US Dollar.

The exchange whale ratio was observed to be rising in April and May. This indicated increased whale activity, which is abnormal during a bull run. Usually, during the bullish long-term trend, whale activity quietens down.

It picks up once the top is in and prices begin sliding lower.