Bitcoin has shown renewed strength on the weekly timeframe by resuming a steady uptrend that began earlier in the year. After several weeks of ranging between $110,000 and $120,000, Bitcoin is now on intense momentum supported by institutional demand, which has led to a new all-time high in the past 24 hours.
Interestingly, technical analysis of Bitcoin’s weekly price chart shows the cryptocurrency is gearing up for an explosion to $200,000. This projection is based on Bitcoin’s ongoing price behavior being an exact replica of Gold’s rally during the 1970s.
Bitcoin Aligning With the 1970s Gold Rally
An interesting technical analysis shared by Mikybull Crypto on the social media platform X details how Bitcoin’s price action on the 1-week and 2-week candlestick charts is following
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