Bitcoin (BTC) has dipped under $60,000 — however BTC worth motion continues to be mimicking the eye-popping 2017 bull run.
The most recent knowledge masking 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 however copy-pasted its 2017 fractal all alongside.
Recent evaluation delivers the identical conclusion — and for these involved about Oct. 27’s drop to $58,000, even that is nothing new.
Astonishingly, the dates of worth phenomena in September and October 2021 virtually match 2017. Well-liked Twitter account Good Crypto, which observed the pattern, referred to as for an “explosion” in time for 2022.
Using Fibonacci sequences, ought to the remainder of the quarter observe the identical timeline as 4 years in the past, considerably larger costs are in retailer for Bitcoin. Being an order of magnitude larger than the 2017 peak, these costscould hit $300,000.
Trader bets on a deeper BTC price correction
In the short term, however, those overly long on BTC may face some serious pain, analysts warn.
Bitcoin drops $1K in five minutes in fresh dip below $60K
Filbfilb, the trader who forecast a potential drop to $50,000 this week, reiterated on Oct. 27 that even $57,000 looks to be unreliable as a potential local price floor.
Support sir?
Not unless your *friends* at bybit stop buying.
Expecting Yikes to be initiated. pic.twitter.com/H5nc6lVDfx
— filbfilb (@filbfilb) October 27, 2021
Funding charges continued to decrease as BTC/USD hovered at round $59,000 previous to the USA market opening.
