Bitcoin (BTC) has fallen below $ 60,000 – but the BTC price action is still mimicking the flashy bull run from 2017.

The latest data covers Bitcoin’s current halving cycle compared to its previous cycle Shows How similar 2017 and 2021 really are.

Bitcoin prints stranger in 2017

Bitcoin has had its ups and downs this year, but as Cointelegraph reported, BTC / USD copied everything but its 2017 fractal.

New analysis comes to the same conclusion – and for those concerned about a drop to $ 58,000 on October 27, even that is nothing new.

Incredibly, the dates of the price phenomenon in September and October 2021 actually coincide with 2017. The popular Twitter account Smart Crypto, which noticed the trend, called for a timely “explosion” in 2022.

If the rest of the quarter follows the same timeline as it did four years ago, using the Fibonacci sequence, Bitcoin price will be significantly higher. These prices could reach $ 300,000 by an order of magnitude above the 2017 peak.

Traders are betting on a lower BTC price correction

In the short term, however, those who have been with BTC for too long could be in serious pain, analysts warn.

Related: Bitcoin Falls $ 1,000 In Five Minutes As It Now Drops Below $ 60,000

Filbfilb, the trader who this week forecast a possible drop to $ 50,000, reiterated on Oct. 27 that even $ 57,000 does not seem reliable as a potential local floor.

Support sir?

Not unless your * directing friend * stops buying.

Was expecting profits to start. pic.twitter.com/H5nc6lVDfx

– filbfilb (@filbfilb) October 27, 2021

Funding rates continue to fall as BTC / USD is around $ 59,000 before US markets open.