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Bitcoin (BTC) took aim at $24,000 on July 20 after a night of solid gains put bulls in the driving seat.

Parabolas violated

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it breached $23,800, its highest level since June 13.

Against expectations, crypto staged a recovery beyond an intra-hour “fake-out” as risk assets benefitted from declining United States dollar strength.

The inverse correlation between the U.S. dollar index (DXY) and Bitcoin remained center stage on the day, with the greenback coming off twenty-year highs at the end of the week prior.

“The Dollar is taking a nice hit today from the bears,” popular trader Crypto Tony told Twitter followers as the breakout took shape:

Similar to Stockholm syndrome where captives develop a psychological bond with their captors, crypto winters have a way of flipping even the most bullish cryptocurrency supporters bearish in a short period of time.

Evidence of this reality was on full display on July 19 after the recovery of Bitcoin (BTC) back above $23,000 was met with widespread warnings that the move was merely a fakeout before the market heads for new lows

While the possibility of new lows being set in the future can’t be ruled out, here’s a look at analysts' opinions on how this BTC breakout could be different than most investors expect.

This time "it's different"

The pointed message of “this time is different” was offered by pseudonymous Twitter user Trader XM, who posted the following chart outlining why BTC is poised to head higher.

As highlighted on the chart above, BTC price did not retest of the range low even as four retests of the range high took place, and this suggests that buyers are now stronger than sellers.

Crypto fans are rejoicing at the sight of green across the market on July 19 as the months of “down only” price action has finally come to an end after the market flashed its first substantial relief rally in at least a month. 

Data from Cointelegraph Markets Pro and TradingView shows that much of the newfound excitement is the result of Bitcoin (BTC) breaking above resistance at $23,000 to hit a daily high of $23,447, its first meaningful move above the 200-week moving average.

While many have been quick predict a climb to the mid-$30,000 range, a few analysts caution that it could be another fakeout pump. Let's take a look at traders' perspectives on Bitcoin's move toward $33,000.

Bitcoin needs a weekly candle close above $22,800

The move back above the 200-week MA has been a point of focus for cryptocurrency analyst Rekt Capital, who posted the following chart commenting that “For the first time in weeks, BTC is putting in a decent effort to try to reclaim the 200-week MA as support.”

The 200-week MA has been a highly watched metric in recent weeks because it has served as a reliable bear market indicator that has historically provided insight into when a bottom has been set.