Bitcoin (BTC) drops below $60,000, but BTC price action still mimics attractive bullish gains in 2017.
The latest data, covering the current Bitcoin halving cycle compared to the previous cycle, shows how similar 2017 and 2021 are.
Bitcoin prints more terrifying parallels of 2017
Bitcoin has had its ups and downs this year, but as Cointelegraph reports, BTC/USD has almost copied the fractal from 2017.
The new analysis gives the same conclusion – and for those who are concerned about the October 27 price drop to $58,000, this is nothing new.
Surprisingly, the dates for price action in September and October 2021 roughly coincide with 2017. Based on previous analyzes published by TechDev, the popular Twitter account Smart Crypto called for an “explosion” in time by 2022.
BTC/USD comparison table. Source: Smart Crypto / Twitter
Using Fibonacci sequences, if the rest of the quarter follows the same timeline as it was four years ago, Bitcoin prices will be much higher. Since they’re orders of magnitude higher than the peak in 2017, those prices can be as high as $300,000.
Trader bets on a deeper Bitcoin price correction
However, in the short term, those who have been using bitcoin for a long time could face serious pain, analysts warn.
Related Topics: Bitcoin Drops $1,000 in Five Minutes at New Drop Below $60,000
Philbfilb, a trader who has predicted a possible price drop to $50,000 this week, reiterated on October 27 that even $57,000 appears to be unreliable as a possible bottom line for local prices.