Price Action That Triggered Last Bitcoin 7X Rally Reemerges as Institutions Continue to Accumulate More BTC

Price action thrives on patterns, and traders often search for recurring patterns to make decisions about the next possible price direction. In searching for what the Bitcoin market might do next, Trader Tardigrade, a crypto analyst on X who has more than 50000 followers, identified a potentially bullish price pattern that is already forming for BTC.

A price pattern that preceded Bitcoin's last 7X rally has resurfaced as institutions continue to accumulate more BTC.

According to pseudonymous crypto analyst Trader Tardigrade, who has over 50,000 followers on Twitter, a descending broadening triangle pattern is forming for Bitcoin. The analyst noted that the same pattern occurred in 2019 and 2020, and a breakout led to a price surge from $10,000 to roughly $70,000.

“This could happen again very, very soon,” the analyst added, suggesting that the technical setup could lead to another significant price increase.

Technical analysts often observe that history repeats or rhymes, making it possible for BTC price to experience a similar surge again.

Institutional accumulation reaches new highs

Meanwhile, crypto influencer Ash Crypto, who boasts over 1 million followers on Twitter, highlighted the continuously dwindling Bitcoin supply held in reserve. The top crypto analyst noted that the supply is at its lowest since 2018 and has been decreasing since the start of the year.

According to the post, the primary reason for this is that institutional investors have been accumulating the coin, anticipating where the price will go next.

“This is seriously bullish for Bitcoin,” the analyst added, encouraging his followers to be bullish as well.

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