The Bitcoin price action is surprisingly similar to the Bull Run 2017
Bitcoin drops below $ 60,000, but the price action remains very similar to the fascinating 2017 bull run.
Latest data on the current halving cycle of Bitcoin compared to the previous cycle shows 2017 and 2021 are really the same.
Bitcoin is surprisingly similar in 2017
Bitcoin has had many ups and downs this year, but it appears to be repeating the entire 2017 fractal.
New analysis comes to the same conclusion – and for those concerned about a surge to $ 58,000 on October 27, even that is nothing new.
Incredibly, the dates of the exceptional price phenomenon in September and October 2021 actually coincide with 2017. The popular Twitter account Smart Crypto recognized this trend and predicted a “boom” in 2022..
BTC price comparison table | Source: Smart Crypto
If the rest of the quarter were the same as it was four years ago, using the Fibonacci sequence, Bitcoin price would be significantly higher. At a higher intensity than the 2017 peak, it could even hit $ 300,000.
Trader sets deeper bitcoin price adjustment
However, analysts warn that too much long BTC could take serious damage in the short term.
Trader Filbfilb, who this week forecast a possible drop to $ 50,000, reiterated on Oct. 27 that even $ 57,000 is not a reliable potential local floor.
The source: Filbfilb
The funding rate continues to fall as BTC hovers above $ 59,000 before US markets open.
Bitcoin Funding Rate Chart | Source: Bybt
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According to Cointelegraph