Bitcoin’s recent surge to new all-time highs has led one prominent crypto analyst to believe that it could be following a similar market structure to 2019. In a video update, Jason Pizzino, a well-known crypto strategist, shares his thoughts with his large YouTube following. He suggests that Bitcoin’s current rally, which saw it rise from $25,000 to $74,000 in a short period of time, echoes the 2019 price action, where Bitcoin experienced a rapid increase before entering a period of consolidation lasting several months.

Pizzino explains that while the current market cycle may not be the same as in 2019, the emotions and sentiments surrounding Bitcoin are similar. He recalls how in 2019, many people believed that the market would top out quickly and then enter a prolonged bearish phase. However, this did not happen, and instead, the market traded sideways for an extended period. Pizzino highlights the importance of the market’s extreme move and suggests that a similar consolidation phase may occur now before the next bullish phase begins.

The analyst also emphasizes the significance of key price ranges in determining Bitcoin’s trajectory in the near future. He notes that if Bitcoin experiences a rejection around the $67,000 to $69,000 range, which was the previous all-time high, it could lead to a bearish sentiment and a consolidation phase between $50,000 and $70,000. On the other hand, if Bitcoin breaks through the $69,000 level, it may come back down and test the $58,530 support.

As of now, Bitcoin is trading at $63,200, experiencing a 3% decline in the past 24 hours.

Disclaimer: The opinions expressed in this article are the author’s own and should not be taken as investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. Any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies and is not a financial advisor.