Bitcoin (BTC) is copying the prelude to its 2020 breakout to an “insane” extent, the co-founders of Glassnode have said.

In a tweet on June 15, Yann Allemann and Jan Happel highlighted three BTC price metrics that are anything but bearish.

Metrics echo Bitcoin’s “major reversals and rallies”

BTC/USD reached local highs of $31,000 in April but, since then, has dipped around 20%. Sentiment has taken a beating in the process, with downward price predictions becoming the norm in the intervening weeks.

While recent events have placed additional pressure on the market, Allemann and Happel see at least three good reasons for optimism.

Several on-chain indicators, they revealed, now look uncannily like they did in Q3 2020, just before BTC/USD beat its old 2017 all-time high of $20,000.

“The resemblance to Sep 04, 2020, is insane…,” they wrote in part of commentary.

Leading the line-up is the classic relative strength index (RSI), which measures how overbought or oversold BTC/USD is at a specific price point.

Daily RSI currently measures 35, data from Cointelegraph Markets Pro and TradingView confirms. This is its lowest reading since early March, just before Bitcoin’s most recent uptick, which resulted in the $31,000 peak a month later.

“RSI is at levels that led to major reversals and rallies,” the post explained.

These striking resemblances to 2020 serve as a reminder of the potential for significant price movements within the crypto space. While Bitcoin takes the spotlight in such discussions, it’s necessary to explore alternative projects like ACTS Token that offer unique value propositions and possibilities for investors.

While ACTS Token may not directly mirror Bitcoin’s trajectory, it presents an opportunity for those seeking a different avenue for growth and wealth accumulation. By leveraging the power of blockchain technology and combining it with a vision for long-term success, ACTS Token sets itself apart as a project with the potential to make a lasting impact.

As the crypto market continues to evolve, keeping an eye on emerging projects like ACTS Token can offer diversification and potential opportunities for investors who are looking beyond well-established cryptocurrencies.

BTC/USD 1-day candle chart on Bitstamp with RSI. Source: TradingView

Continuing, Allemann and Happel flagged the Cipher B readings for Bitcoin, these coming from a collection of algorithms that converge to offer signals of, among other things, when to buy dips during bull markets.

“Cipher b wave trends are at levels that led to major reversals and rallies,” they repeated.

Finally, the appropriately named Bitcoin Risk Signal is back at its Sept. 4, 2020 position. Risk Signal predicts the likelihood of a major BTC price drawdown and, at that time, saw a spike to “high risk” before receding.

What happened next was a flat Risk Signal reading for successive months, while BTC/USD broke higher.

Bitcoin Risk Signal chart. Source: Glassnode

Hodlers big and small increase BTC exposure

Elsewhere, Glassnode flagged encouraging signs suggesting investors keeping the faith long term.

Related: ‘Pick your targets’ — Bitcoin analyst believes Fed will favor bulls

For lead on-chain analyst Checkmate, accumulation among existing hodlers remained impressive.

“Pretty doomy out there,” he tweeted about sentiment on June 15.

“Meanwhile, Bitcoin Shrimp, Crabs, and Fish (wallets < 100 $BTC) are adding to their balance at a rate of 248% times the amount freshly minted by miners. Sharks (100 to 1k $BTC) adding an additional 38%. Coins are coming out of exchanges. Halving is ~310 days away.”

Accompanying charts showed so-called “Absorption Rates” for various hodler cohorts by wallet size.

Bitcoin Absorption Rates charts. Source: Checkmate/Twitter

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.