Bitcoin fell by close to 10% after an incredible rise and was pulled up to $ 60,000.
Such a drop in the leading cryptocurrency has created a slight panic in the market and all investors are now looking to learn more about possible scenarios.
An analyst, who is seen as one of the expert names of the markets, revealed everything with all its remarkable points.
Analyst Justin Bennett hinted that he had found the “password” for Bitcoin in his statement on Twitter. With this statement, the analyst draws attention to the fractal, that is, the price movement in 2017.
Price Action for Bitcoin in the Coming Months
Bennett, of bitcoin Emphasizing that the rally in 2021 continues almost point by point with the rally in 2017, he stated that even this week’s decline is here.
Reminding that each movement in the cycle is less aggressive, that is, volatile, compared to 2017, the analyst reminded that the decrease, which was 13% at that time, is between 8% and 10% now.
The 2017 fractal accounts for this week’s pullback.
Each move this cycle has been a little less aggressive than in 2017.
It was a 13% pullback then. Probably an 8-10% pullback now, or $60k $BTC.
Then $80k+ in early November, $65k retest in mid-November, and $100k+ in December. pic.twitter.com/Jrd4VcHDFr
— Justin Bennett (@JustinBennettFX) October 22, 2021
The famous name also explained the point at which Bitcoin will end its rise in the current cycle by analyzing this chart.
According to the analyst’s forecasts, the leading cryptocurrency will retest $65,000 as of mid-November and see $100,000 in December. The price action after December, on the other hand, can be corrective, that is, bearish, as can be expected.
As of now, Bitcoin continues to protect the $ 60,000 band.
*Not Investment Advice.