Friday, June 24, 2022

Bitcoin price dip matches October 2017 with BTC ‘explosion’ still forecast before 2022

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Bitcoin (BTC) has dipped under $60,000 — however BTC value motion remains to be mimicking the eye-popping 2017 bull run.

The most recent information protecting Bitcoin’s present halving cycle versus its earlier one shows simply how related 2017 and 2021 actually are.

Bitcoin prints extra eerie 2017similarities

Bitcoin has had its ups and downs this 12 months, however as Cointelegraph reported, BTC/USD has all but copy-pasted its 2017 fractal all along.

Fresh analysis delivers the same conclusion — and for those concerned about Oct. 27’s drop to $58,000, even this is nothing new.

Astonishingly, the dates of price phenomena in September and October 2021 practically match 2017. Popular Twitter account Smart Crypto, which noticed the trend, called for an “explosion” in time for 2022.

BTC/USD comparison chart. Source: Smart Crypto/Twitter

Utilizing Fibonacci sequences, should the rest of the quarter follow the same timeline as four years ago, significantly higher prices are in store for Bitcoin. Being an order of magnitude higher than the 2017 peak, these prices could hit $300,000.

Dealer bets on a deeper BTC value correction

Within the brief time period, nonetheless, these overly lengthy on BTC could face some severe ache, analysts warn. 

Associated: Bitcoin drops $1K in five minutes in fresh dip below $60K

Filbfilb, the dealer who forecast a potential drop to $50,000 this week, reiterated on Oct. 27 that even $57,000 appears to be like to be unreliable as a possible native value ground.

Funding charges continued to decrease as BTC/USD hovered at round $59,000 previous to the USA market opening.

Bitcoin funding charges chart. Supply: Bybt