The crypto strategist and crypto trader believes that Bitcoin (BTC) reflects the 2017 bull market, as he looks forward to the big one for the coming months. Bitcoin (BTC) announced his goal.
The crypto analyst, known by the alias TechDev, who has more than 100,000 followers, claimed in his new post that the current price action of Bitcoin (BTC) is very similar to the 2017 parabolic rise from under $4,000 to $20,000 in a few months.
“After 140 days, a slightly flattened 2017 fractal continues to predict daily BTC price action better than most short-term TAs (technical analysis) I’ve seen.”
According to the chart prepared by the analyst, if Bitcoin (BTC) continues to follow the movements of the 2017 bull cycle, it could reach all-time highs by rising above $ 180,000 by the end of 2021 (in December).
Examining the daily chart in more detail, TechDev noted that there is a lot of similarity between the two cycles in terms of price and timing. TechDev says Bitcoin hit higher and lower highs at the same Fibonacci levels during its run from $1,750 to $6,000 from July 2017 to October 2017.
“bitcoinThe last daily price action in . I’ve seen them all before.”
According to the analyst, the similarity between the two cycles is not limited to the daily chart, but it is possible to see this similarity on the weekly chart, according to the analyst. According to the analyst, the stagnation of Bitcoin after showing a rise was also a situation that took place in October 2017.
2017 vs 2021 #BTC
Indecision weekly candle on the exact same week after 3 strong ones, after a similar bounce, after the mid-cycle low off the 1.272.
This one was just barely a different color. Will dive deeper soon.
Macro = 2013
Micro = 2017 since JuneListen to it. pic.twitter.com/m7Pd8c6tIh
— TechDev (@TechDev_52) October 25, 2021
TechDev also stated that if Bitcoin continues to follow the 2017 bull cycle, the market cap of BTC could reach up to $11 trillion by early 2022.
According to data from CoinMarketCap, Bitcoin is currently trading at $63,077 with a market cap of $1.18 trillion.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.