Bitcoin (BTC) has fallen below $ 60,000, but BTC’s price action is still mimicking the spectacular bull run of 2017.
The latest data on the current Bitcoin halving cycle compared to the previous one demonstrate how similar 2017 and 2021 really are.
Bitcoin points to more disturbing similarities to 2017
Bitcoin has had ups and downs this year, but as Cointelegraph reported, The BTC / USD pair pretty much copied its 2017 fractal all along.
Recent analysis comes to 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 coincide with 2017. The popular Twitter account Smart Crypto, which noticed the trend, predicted a “blast” for 2022.
If the rest of the quarter follows the same timeline as it did four years ago, significantly higher prices for Bitcoin are expected based on Fibonacci sequences.. Those prices are an order of magnitude higher than the 2017 high and could reach $ 300,000.
A trader is betting on a lower correction in the price of BTC
Nevertheless, In the short term, those who have been with BTC for a long time could be in serious pain, analysts warn.
Filbfilb, the trader who this week forecast a possible drop to $ 50,000, reiterated on Oct. 27 that even $ 57,000 as a potential local floor price seems unreliable.
Not unless your * friends * at bybit stop buying.
Expect Yikes to be initiated. pic.twitter.com/H5nc6lVDfx
to???? filbfilb (@filbfilb) October 27, 2021
Funding rates continued to decline as the BTC / USD pair hovered around $ 59,000 before the US market opened