Market analyst Merlijn The Trader has compared the current Bitcoin (BTC) price momentum to the price action witnessed in 2016-2017, suggesting that a similar surge could occur soon. The analyst stated that Bitcoin’s price and momentum patterns mirror each other regarding structure and reset.
Merlijn notes that Bitcoin experienced a parabolic rise in 2017, but only after 224 days, marked by an intense price reset, which sent the cryptocurrency shooting upwards. The analyst further proceeds to analyze a recent chart showing the overlay of the 2016-2017 price movements against current price action (2024-2025).
BTC/USDT 3-Week Chart (Source: X Post)
Per his analysis, BTC is again in a similar reset phase. The chart analysis goes on to hint that after a consolidation phase, BTC’s momentum might change, and such an event could result in heightened growth in price.
Besides, the Relative Strength Index shows that the pattern of downward pressure and upward potential between both periods is similar. This confirms the idea that the Bitcoin cryptocurrency might witness a parabolic move identical to its prior cycle.
Bitcoin Targets $107K If Wedge Breaks, Analyst Says
According to analyst ZAYK Charts, BTC is consolidating inside a falling wedge. At the moment, the price is testing the lower trendline support that could become important for a breakout. ZAYK says if Bitcoin manages to hold support and break through the wedge, upward momentum could be established, followed by a price rise.
BTC/USDT 1-Day Chart (Source: X Post)
The analyst has also included a prediction of the price target of $107,000, which will result in higher levels by approximately 24.93% of the current level. This projection is based on the pattern’s typical breakout behavior, where the price could surge if the wedge formation is completed.
Bitcoin’s Positive Funding Rate Signals Market Confidence
BTC’s OI-weighted funding rate has oscillated within a positive range throughout the first quarter of 2025, even as the cryptocurrency’s price has swung in opposite directions recently. Although the funding rate briefly dropped into the negative zone over the period, it continued to rebound back to positive territory and is now at 0.0090%.
Bitcoin OI-Weighted Funding Rate (Source: CoinGlass)
This suggests further confidence in Bitcoin’s long-term bullish trend, as long positions are willing to pay a premium to maintain their open positions. This consistent positive funding rate indicates that there is still confidence in Bitcoin’s overall price appreciation.
Also Read: Toncoin Price Near Final Support Zone Before Slipping Below $2
