The analogy appeared in anticipation that Bitcoin could post a 2017-like bull run, in which the price rose by more than 1,900%.
The rush to so-called safe-haven cryptocurrency appears despite concerns that the Federal Reserve would taper its $120 billion a month asset purchasing program.
The sell-off in the Bitcoin market, in particular, intensified due to excessively leveraged bullish bets.
The relative strength index is making lower highs while correcting from its overbought area.
The indicators, coupled with a strong bid momentum versus the offers, suggest that Bitcoin’s price could push above $50,000 in the coming sessions.
An on-chain indicator, notorious for spotting fake bullish breakouts during downside corrections, flashes again.
The flagship cryptocurrency hits its highest level in more than two months as inflation is expected to rise by another 0.5% in July.
$42,000 is becoming an increasingly important battleground for Bitcoin bulls and bears.
Analyst Willy Woo highlights three on-chain indicators that track the flow of Bitcoin tokens across wallets, each illustrating why the benchmark cryptocurrency could explode higher.
Calls for a doubled-up Bitcoin price rise as the cryptocurrency paints ten green candles in a row.