Bitcoin Price Charts Mirror Past Bull Runs, But Rate Outlook Clouds Near-Term View
• Analysts compare current Bitcoin price charts to old ones, seeing similar patterns that preceded past bull runs
• Optimism rose early this week that Fed Chairman Powell might hint at lower interest rates, boosting Bitcoin
• That optimism faded as Powell is expected to maintain current rates
• Glassnode analysts say Bitcoin's last 3 price cycles have shown "eerily similar performance"
• Grayscale Bitcoin Trust redemptions have created headwinds recently, with 115.6k BTC redeemed since its ETF conversion