Trader Jake Wujastyk has drawn parallels between Bitcoin's recent price action and its performance in February 2017, suggesting that the leading cryptocurrency may be poised for another significant rally.

Wujastyk's analysis compares two Bitcoin breakouts: one from February 2017 and another from October 2020. In both instances, Bitcoin experienced substantial price increases after consolidating below corresponding resistance levels. A similar pattern appears to be unfolding currently, with Bitcoin trading just below the $68,000 mark.

In 2020, Bitcoin went on to hit a new record high just months after the breakout and then tripled in price within two months. Wujastyk believes that a comparable scenario could play out this time around, potentially propelling Bitcoin to new all-time highs.

As of June 2, 2024, Bitcoin is trading at $67,723, according to CoinGecko data. The cryptocurrency has a market capitalization of $1.3 trillion. In late March, Bitcoin attempted to break above the $70,000 level but was unable to sustain the momentum.

Despite the recent pullback, Bitcoin remains more than 8% below its current all-time high of $73,737, which was reached in mid-March. However, some analysts remain optimistic about Bitcoin's long-term prospects. According to a report by U.Today, Bitcoin could potentially surpass the $150,000 level in 2024 due to declining inflation.

The similarities between the current Bitcoin price action and the 2017 breakout have caught the attention of the cryptocurrency community, with traders and investors closely monitoring the market for signs of a potential rally. As always, it is essential to conduct thorough research and consider the risks before making any investment decisions.