The fall in Bitcoin prices corresponds to October 2017 with an “explosion” still expected before 2022
Even the opportunities to “buy down” in Bitcoin prices correspond, almost to the day, with the fourth quarter of 2017.
Bitcoin (BTC) fell below $ 60,000 USD, but the price action still mimics the spectacular bull run of 2017.
The latest data covering Bitcoin’s current halving cycle since the last shows how similar 2017 and 2021 really are.
Bitcoin prints more similarities in 2021 with the year 2017
Bitcoin has seen its ups and downs this year, but as Cointelegraph reported, the price of BTC has pretty much copied and pasted its 2017 fractal.
A new analysis yields the same conclusion, and for those concerned about the October 27 drop to $ 58,000, even that is nothing new.
Surprisingly, the dates of the price phenomena in September and October 2021 practically correspond to 2017. The popular Twitter account Smart Crypto, which has noticed the trend, called for a “bang” in time for 2022.
Comparison of Bitcoin charts for 2017 and 2021
Source: Smart Crypto / Twitter
Using Fibonacci sequences, if the rest of the quarter follows the same schedule as four years ago, significantly higher prices are forecast for Bitcoin. Being an order of magnitude higher than the peak of 2017, these prices could reach $ 300,000 USD.
Traders Bet On Deeper Bitcoin Price Correction
However, in the short term, those who use BTC for too long may face serious pain, analysts warn.
Filbfilb, the trader who predicted a potential drop to $ 50,000 this week, reiterated on October 27 that even $ 57,000 does not seem reliable as a potential floor price.
Funding rates continued to decline, with Bitcoin hovering around $ 59,000 USD before the US market opened.
Bitcoin Funding Rate Chart
Par William Suberg, Cointelegraph
William Suberg got into Bitcoin while completing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency that makes him sit back and get your attention. He began working with Cointelegraph in October 2013.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.
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