Prominent Trader: Current Bitcoin Trend Differs from 2023, Still Bullish Towards $90,000 Range

BlockBeats news, September 30: Renowned trader Killa posted that the current market is keen on drawing parallels between Bitcoin's price action and the pullback after its rebound to $25,000 in 2023, but there are clear differences in market structure between the two. In 2023, BTC only formed an equal high near $25,000, failed to effectively close above that level, and then quickly pulled back.

In contrast, BTC has now formed a higher high on the weekly timeframe and is consolidating above the previous high following the breakout. In addition, the largest drawdown in the previous bear market was about 77%, while this round is about 54%. Killa believes that, considering diminishing returns and the gradually narrowing retracement range, the main correction in this bull market could be closer to 10% to 15%, corresponding to approximately $78,000 and $74,000, respectively.

Killa said that even if prices repeat a similar trajectory, they may not necessarily break below the previous low as clearly as in 2023. Open interest has now completed its reset, and prices remain above the previous high, with the market structure appearing relatively healthy in his view. He has not positioned for a major pullback and still targets the $90,000 range.