Bitcoin’s price chart is resembling the pattern from its previous cycle’s all-time high of $69,000 in November 2021, according to a crypto trader. However, some traders argue that charts no longer tell the whole story due to increasing demand for Bitcoin from crypto treasury companies.

Bitcoin has dropped by 4.3% in the last 24 hours after hitting a new all-time high of $124,100 on Thursday. Analysts point out similarities between the current price action and that of 2021, suggesting a potential trend reversal.

Crypto analyst Benjamin Cowen believes the Bitcoin chart follows the same pattern each post-halving year, with movements in July-August and a market cycle top in Q4 leading to a bear market. Bitcoin’s dominance in the overall market share has decreased by 6.55% in the last 30 days.

Despite chart predictions, trader Kale Abe argues that treasury companies’ actions are the key factor in Bitcoin’s movement. Publicly traded Bitcoin treasury companies have accumulated $150.98 billion worth of Bitcoin, causing uncertainty about a potential bear market.

Abe doubts the possibility of Bitcoin entering a bear market as Ether approaches its all-time highs. Ether is up 19% in the last seven days, trading at $4,612, around 5.75% below its 2021 peak of $4,878. Veteran trader Peter Brandt emphasized that interpreting price charts is not a reliable method for predicting future movements.

Read more at Cointelegraph: Bitcoin Chart Mirrors 2021 Top, Traders Say: Who Cares?