Crypto markets extended their rebound on Aug. 20 after beginning to rally a day earlier, with Bitcoin (BTC) surpassing $72,000 for the first time since June 1. Bitcoin traded up nearly 10% ov
Crypto markets extended their rebound on Aug. 20 after beginning to rally a day earlier, with Bitcoin (BTC) surpassing $72,000 for the first time since June 1.
Bitcoin traded up nearly 10% over 24 hours, while Ether (ETH) gained more than 19%. The rally triggered heavy losses for bearish traders.
Roughly $2.97 billion in leveraged crypto positions were liquidated on Aug. 19, including about $2.73 billion in shorts, according to CoinGlass data.
The rebound comes after a difficult stretch for Bitcoin, which remains well below its October 2025 record above $126,000 despite the latest surge.
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Popular analyst Crypto Patel said on Aug. 19 that Bitcoin is repeating a pattern seen during its previous major market cycles.
“Each Cycle: Smaller Drawdown. Higher High. Same Playbook,” Patel wrote on X, pointing to Bitcoin’s roughly 84% decline after its 2017 peak of $19,666 and 77% drop following its 2021 high of $69,000 before both downturns eventually gave way to new records.
Chart shared by Crypto Patel on X Patel expects the current cycle could eventually produce a smaller drawdown. He expects Bitcoin to plunge 69% below its 2025 peak of $126,000 to the $40,000-$50,000 range.
As per Patel, Bitcoin is sitting at a bullish order block zone, a technical term for an area where traders expect substantial buying demand. He then projected “1000% upside” for Bitcoin from that setup.
"The Pattern Has NEVER Failed. Bookmark This. Thank Me Later," he remarked.
A 1,000% gain from the $40,000-$50,000 range would mathematically imply a Bitcoin rally to the $440,000-$550,000 range, although Patel did not provide a specific price target or statistical model supporting the forecast.
His thesis is based primarily on previous cycle patterns, which do not guarantee that Bitcoin will follow the same trajectory again.
Crypto market heatmap at press time.At the time of writing, Bitcoin traded at $71,463.93, Ether at $2,270.74, and XRP at $1.20.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions.
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