Bitcoin (BTC) has dropped below $60,000 today, but overall BTC price action is surprisingly broadly similar to the 2017 bull run. In fact, the current dataset comparing Bitcoin’s current Halving cycle to the previous one reveals how similar 2021 is to 2017.
Apparent correlation of #Bitcoin movements in 2017 and 2021. Waiting for a new explosion for the New Year? pic.twitter.com/izmCS2rMpb
— ⚡️Smart Crypto (@Smart_Crypto1) October 27, 2021
Bitcoin repeats 2017 moves
Bitcoin has had an impressive rally so far in 2021, BTC/USD remains a direct copy of the 2017 fractal, and some people have described 2021 as a “copy and paste” version of 2017. Now, the latest analyzes confirm the same assumptions and reveal the same conclusion. So, those who are already worried about Wednesday’s drop to $58,000 can relax as nothing unusual or unexpected is happening. Because if the similarity continues, the rise will continue.
It is also worth noting, as an interesting point, that the dates of the price events in September and October 2021 practically correspond to what happened at that time, about 4 years ago. Noticing the similarities, popular Twitter account Smart Crypto said there would be an “explosion” in a good time for 2022.
Using Fibonacci sequences and seeing the rest of Q4 follow the same timeline as four years ago could be a sign of significantly higher prices for Bitcoin to come. All else being equal, it could be argued that new records could be higher than the 2017 high, with prices reaching $300,000 this year.
However, experts have warned that those holding a long position in BTC may experience some discouraging moments, but this is only for a short time. The popular trader, who predicted a potential drop to $50,000 at the beginning of the week, repeated his prediction today. Echoing his forecast, Filbfilb says even $57,000 isn’t reliable enough to be a potential local price floor.
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.