History Repeating? Bitcoin Chart Mimics Exact Pattern That Sparked 2023 Rally - U. Today
Cover image viadepositphotos. comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U. Today is intended. . .
Cover image viadepositphotos. comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U. Today is intended for informational purposes only. U. Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The leading cryptocurrency has been squeezed into a narrow range around $63,700, while the Bollinger Band Width indicator on the daily chart has contracted to its lowest level since October 2023, pinching the price action into an extreme technical threshold. In traders' language, this condition is called a "squeeze" — a phase of extremely low volatility that has historically been followed by a powerful price explosion. Bitcoin price chart since 2023 in context of Bollinger Bands Width indicator, Source:BarchartThe current chart byBarchartdraws a direct parallel with the events of three years ago. In the fall of 2023, an identical narrowing of the Bollinger Bands triggered a massive two-year rally. Bitcoin started at levels slightly above $20,000 and ultimately gained more than 330%, reaching a peak above $130,000 by mid-2025. HOT StoriesFed factor: How July's CPI report changes the math for Bitcoin's next moveNow the historical spring has once again been compressed to its limit, and the market has finally receiveda powerful external catalyst. The latest Consumer Price Index (CPI) data for July, released today, came in line with market expectations. As observers note, the report reduces pressure on the Federal Reserve and gives officials room to keep interest rates unchanged at their September meeting. Fed officials emphasize that current rates are already restrictive enough to return inflation to the 2% target without further increases. You Might Also LikeHowever, market participants remain divided, as persistent tariffs, pressure from energy prices, and massive demand for technology equipment driven by the artificial intelligence boom complicate the long-term outlook. Optimists expect a Fed pause to triggera repeat of Bitcoin's bullish fractal, while skeptics warn that macroeconomic risks could still reverse this volatile impulse to the downside, potentially forcing a retest of the price floor set on July 1 at $57,800.