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While the Bitcoin (BTC) price with opportunities to “buy the dip” matches up with Q4 2017, Smart Crypto called for an “explosion” in time for 2022 which these prices could hit $300,000.
The latest data covering Bitcoin’s current halving cycle versus its previous one shows just how similar 2017 and 2021 really are.
Bitcoin has had its ups and downs this year, but 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.
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.
In the short term, however, those overly long on BTC may face some serious pain, analysts warn.
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.
Funding rates continued to decrease as BTC/USD hovered at around $59,000 prior to the United States market opening.
(Article Courtesy of Cointelegraph)