Bitcoin’s current market structure bears a striking resemblance to the conditions seen in 2017, right before it experienced a massive 1,200% surge to reach its previous all-time high of $20,000. This observation comes from TechDev, a popular crypto analyst followed by 450,000 users on the X social media platform. TechDev shared a chart that illustrates the similarities between the current market cycle and the Bitcoin bull run of 2017.

The chart highlights that both bear markets hit their lowest point during the crash of two major crypto exchanges, followed by repeated rallies and periods of consolidation. It seems that history may be repeating itself in the crypto market.

Taking a closer look at the chart, TechDev suggests that Bitcoin is currently in a consolidation phase similar to 2017 when it traded at around $1,500 before embarking on a parabolic run to reach $20,000. At the time of writing, Bitcoin’s value sits at $67,060.

TechDev also analyzes Bitcoin’s relative strength index (RSI), a tool used to assess an asset’s momentum. According to the analyst, Bitcoin has historically peaked when its RSI reaches the top of a long-term channel, which has not yet happened. TechDev advises not to waste the opportunity while Bitcoin remains in the “green zone.”

Additionally, TechDev examines the OTHERS chart, which tracks the market capitalization of all cryptocurrencies excluding the top 10 digital assets and stablecoins. Specifically, the analyst studies the chart’s stochastic RSI, moving average convergence divergence (MACD), and logarithmic Bollinger Band indicator.

The MACD is traditionally used to identify reversals based on the convergence or divergence of moving averages, while the Bollinger Bands aim to identify periods of significant price movements based on volatility contraction. According to TechDev, the OTHERS chart has reached a “max compression” zone, indicating an impending significant upward move. Interestingly, this setup coincides with the return of “Roaring Kitty,” the leader of the Gamestop (GME) price pump in 2021. TechDev suggests that there are no coincidences in the market.

In conclusion, it appears that Bitcoin’s current market structure mirrors the conditions seen in 2017, raising the possibility of a significant rally in the near future. TechDev’s analysis of Bitcoin’s RSI and the OTHERS chart further supports this view. As always, investors are advised to conduct their own research and exercise caution when trading cryptocurrencies.