Bitcoin Price Dip, Similar to That of 2017

Bitcoin (BTC) has already dipped below $60,000, but overall BTC price action suggests that the amazing 2017 bull run is still in play.

In fact, the current set of data comparing Bitcoin’s present halving cycle against its previous one shows just how exactly similar, 2021 is to 2017.

Bitcoin repeats 2017 moves

Despite Bitcoin having a rollercoaster of a year in 2021 thus far, BTC/USD has maintained being a direct replica of its 2017 fractal, with some people dubbing the year a “copy and paste” of 2017.

Now, recent analysis confirms the same assumptions, and draws same conclusion. Meaning that, those who are already worried about Wednesday’s drop to $58,000 can take a chill pill, as it is nothing unusual or unexpected.

Quite interesting to note also, that the dates of price events in September and October 2021 practically corresponds to what happened at around those times some 4 years back. Popular Twitter account Smart Crypto, who noticed the settings, has now said that an “explosion” is still going to happen in good time for 2022.

Using Fibonacci sequences, and seeing the rest of Q4 follow the same timeline as it did four years ago, then significantly higher prices are upcoming for Bitcoin. All things being equal, in fact the magnitude could be higher than 2017’s peak, and could see prices hitting $300,000 this year.

A deeper BTC price correction still around the corner — Trader

Experts have warned however, that those who are overly long on BTC might experience some disheartening moments, but only for a short while.

A trader who predicted a potential drop to $50,000 earlier in the week, has repeated his forecast today. Reiterating his prediction, Filbfilb says that even $57,000 is not a reliable enough to be a potential local price floor.

Meanwhile, funding rates have continued to decrease as BTC/USD hovered at around $59,000 prior to the United States market opening.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button