Bitcoin (BTC) is quietly mimicking a critical feature from the 2016 bull market, which becomes prominent at $75,000. On May 24, popular trader Jelle noted this potential "main breakout" for BTC price action in a post on X.

Jelle observed that Bitcoin's current price movements are "incredibly similar to early 2017." Bitcoin analyses frequently draw parallels between the present bull cycle and previous ones, particularly the 2016–2017 and 2020–2021 cycles. Despite 2024 standing out by reaching a new all-time high before, rather than after, a block subsidy halving, data suggests Bitcoin's most significant gains are still ahead.

For Jelle, the relative strength index (RSI) is a major driving factor. RSI measures how overbought or oversold an asset is at any given level. On weekly timeframes, BTC/USD is presenting an exciting scenario. Jelle summarized that Bitcoin is mirroring its early 2017 performance, with RSI declining while the price is accelerating toward previous highs.

He highlighted a "hidden bullish divergence and choppy waters right around the previous all-time highs — before the main breakout." Jelle explained that clearing $75,000 would likely result in rapid acceleration in BTC's price. Historically, Bitcoin has shown its strongest upward movements when RSI is in the "overbought" zone above 70, which can sustain for a considerable period before a price rally becomes unsustainable.

Opinions on Bitcoin's short-term movements remain divided. While some analysts, including popular trader Credible Crypto and Michaël van de Poppe, founder and CEO of trading firm MNTrading, foresee a potential return to $60,000 or lower, others are more optimistic. Van de Poppe noted in a recent post that Bitcoin is consolidating within a range and might continue to do so for an extended period, possibly reaching $61-63K.

Van de Poppe also mentioned that liquidity was rotating from Bitcoin to Ether around the launch of spot Ether exchange-traded funds (ETFs) in the United States. Despite the short-term uncertainties, the overall sentiment remains positive, with analysts watching closely for Bitcoin's next major breakout.