Categories: Market

This fractal shows that Bitcoin could reach $ 180,000 by the end of the year

A prominent analyst announces a key price target for Bitcoin in the coming months, believing the benchmark cryptocurrency is a reflection of the 2017 bull market.

The person known in the industry as TechDev told its 107,500 followers that Bitcoin’s current price action (BTC) looks very similar to its parabolic rally in 2017, as it rose from under $ 4,000 to $ 20,000 in just a few months.

“After 140 days, Fractal 2017 continues to accurately predict the daily price movement of Bitcoin. It’s better than most of the TAs (technical analysis) I’ve seen. “

The source: TechDev / Twitter

Based on the analyst’s chart, Bitcoin could soar to a new all-time high of $ 180,000 by the end of 2021 if it continues to follow the 2017 bull cycle.

Upon closer inspection of the daily chart, TechDev highlights further similarities between the two cycles in terms of price and duration. He said that Bitcoin apparently made higher highs and higher lows at the same Fibonacci levels it maintained over the $ 1,750 to about $ 6,000 period from July 2017 to October 2017.

“Amazing resemblance”.

The source: TechDev / Twitter

TechDev adds that the similarities between the two cycles can also be seen on the weekly chart. He said Bitcoin is currently hesitating after a strong three-week rally that looks very similar to Bitcoin’s October 2017 performance.

If Bitcoin continues to move in its 2017 bull cycle, the total capitalization of the crypto market could soar to $ 11 trillion by early 2022, according to TechDev.

“The entire crypto market capitalization has moved like the bull market of 2017 since mid-August.”

The source: TechDev / Twitter

You can see the coin prices here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Dailyhodl

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

30 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

35 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

43 minutes ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

3 hours ago

This website uses cookies.