Déjà Vu? Bitcoin’s Chart Looks Uncomfortably Familiar

Bitcoin (BTC)’s recent price action is triggering uncomfortable déjà vu for some traders, but also intriguing parallels for others, as the current BTC setup is beginning to resemble the familiar market structure seen in 2021, just before Bitcoin entered a prolonged downturn.

In a chart shared in an X post on December 23, popular blockchain and cryptocurrency specialist Ali Martinez compared Bitcoin’s topping behavior from the 2021 cycle with today’s price action, highlighting similar rejection patterns near cycle highs and weakening momentum after a strong multi-month rally.

Familiar Pattern Near The Top

In 2021, Bitcoin peaked near $69,000 before rolling over into a deep bear market that erased more than 70% of its value. Martinez’s comparison shows BTC in 2025 struggling near the $126,000 region, followed by a sharp pullback and increasingly fragile structure.

While the current cycle has been driven by different catalysts, including spot exchange-traded funds (ETFs), institutional adoption, and broader macro liquidity, the chart suggests that price behavior near major tops may still rhyme across cycles.

In both cases, Bitcoin pushed aggressively higher, stalled near resistance, and then began to lose trend strength as sellers gained control.

The resemblance doesn’t guarantee the same outcome, but it raises questions about whether Bitcoin is entering a late-cycle phase rather than preparing for another explosive leg higher.

At the time of writing, BTC was trading at the price of $87,433.09, indicating a 2.4% drop in the last 24 hours, an increase of 1.27% across the previous seven days, and a 1.21% gain over the past month, according to the most recent chart information.

Does History Repeat or Just Rhyme?

Martinez’s comparison doesn’t explicitly predict a full 2021-style collapse, but it does challenge the idea that Bitcoin is immune to cyclical corrections, even in an ETF-driven market. If the pattern continues to track past behavior, Bitcoin could face extended consolidation or deeper downside before finding a durable floor.

At the same time, long-term bulls argue that structural demand from institutions and constrained supply could limit the severity of any pullback. Whether this setup resolves like 2021 or diverges meaningfully may depend on liquidity conditions, risk sentiment, and how buyers respond to further weakness.

For the time being, the chart is serving as a warning sign that Bitcoin may be closer to a critical inflection point than many expect.

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