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Crypto Analyst Spots Pre-2021 Rally Setup On The Bitcoin Chart

Published 12/10/2023, 06:03 PM
Updated 12/10/2023, 06:15 PM
© Reuters.  Crypto Analyst Spots Pre-2021 Rally Setup On The Bitcoin Chart
BTC/USD
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XRP/USD
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  • Charles Shrem has observed that crypto is at a similar level to 2020 chat before XRP surged about 180%.
  • Shrem showed a correlation between Bitcoin, Total3, and XRP that is repeating itself three years apart.
  • After the setup in 2020, Bitcoin rallied over 320% in less than six months.

Charles Shrem, the cryptocurrency analyst popularly known as Blockchain Backer, has observed that the crypto market is at a similar level to where it was in 2020 before XRP surged about 180%. According to Shrem, both the Bitcoin and the altcoin prices started to rally towards new highs shortly after that setup.

Shrem explained his observation by using a current Bitcoin daily chart and placing it side by side with the daily chart from 2020. He also plotted the XRP/USD price on the charts and the Total3 metric, representing the total market cap of all cryptocurrencies excluding Bitcoin and Ethereum.

Shrem’s chart pr…

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