Bitcoin’s Price Action Mirrors 2021 Amidst Upcoming Crypto Summit

• Bitcoin mirrors its 2021 correction as a major crypto summit approaches, hinting at a potential market reversal.
• A descending broadening wedge pattern signals a bullish breakout if Bitcoin surpasses key resistance at the 100-day moving average.
• Institutional interest may surge with the Crypto Summit, potentially driving Bitcoin’s price recovery, similar to past industry events.

According to crypto analyst Doctor Profit, Bitcoin shows historical pattern as the crypto market faces a major correction. Under Trump’s direction, the White House will host the inaugural Crypto Summit on March 7. Similar to the 2021 “B Word Conference,” which signaled a turnaround for Bitcoin.

Before a sharp recovery following the incident, Bitcoin fell from $60K to the $30K range in July 2021. With a 133.93% spike, the price hit new all-time highs. Increased institutional interest and prominent industry players including Elon Musk, Jack Dorsey, and Nayib Bukele drove this surge. A similar trend is now apparent as Bitcoin has yet another decline before a similarly important event.

Source: Doctor Profit

Bitcoin’s Technical Setup Hints at Breakout Potential

As per Crypto Express, Bitcoin’s price is currently consolidating within a descending broadening wedge pattern. This often signals a potential bullish breakout. However, More upward advance is stopped by the 100-day moving average (100MA), which is a strong resistance level.

An established breakout above the resistance trendline of the wedge and the 100MA would suggest a robust bullish advance. This could trigger significant upside momentum, similar to past reversal patterns seen during key industry events.

Source: The Crypto Express

Market Sentiment and Fundamental Influence

Besides technical factors, fundamental events shape Bitcoin’s trajectory. The upcoming Crypto Summit , with the U.S. President’s involvement, could drive renewed institutional interest and market confidence. Historically, major conferences have had a direct impact on price sentiment, leading to strong rebounds.

Moreover, Bitcoin’s volatility remains high, but historical patterns suggest that this correction phase may soon transition into a bullish phase. If the resistance levels are breached, Bitcoin could reclaim higher price regions, much like in 2021.