Bitcoin (BTC), although it has fallen below $60,000, the price action of Bitcoin is still emulating the 2017 bull run.
This data compares Bitcoin’s current halving cycles to its previous one and shows how similar they are.
Bitcoin prints more eerie 2017similarities
While Bitcoin has experienced its ups, downs, Cointelegraph reported that BTC/USD has almost copied its 2017 fractal.
A fresh analysis has revealed the same conclusion. For those who are concerned about Oct. 27,’s drop of $58,000, this is not new.
Surprisingly, September and October 2021 were almost identical in terms of price phenomena. Popular Twitter account Smart Crypto noticed the trend and called for an “explosion in time” for 2022.
Comparison chart BTC/USD Source: Smart Crypto/Twitter
If the remainder of the quarter follows the same timeline as four year ago, then Bitcoin could see significantly higher prices. These prices could reach $300,000.
A deeper correction in BTC prices is a possibility for traders
Analysts warn that those who are too long on BTC could experience severe pain in the short-term.
Related: Bitcoin drops $1K within five minutes, fresh dip below $60K
Filbfilb, a trader who predicted a possible drop to $50,000 this Week, stated that $57,000 is not reliable as a local price floor.
Support sir? If your friends at bybit stop purchasing, then no. Expect Yikes to be initiated. pic.twitter.com/H5nc6lVDfx
— filbfilb (@filbfilb) October 27, 2021
As the BTC/USD fluctuated at $59,000 before the opening of the United States market, funding rates continued to decline.
Chart of Bitcoin funding rates. Source: Bybt
Eileen Wilson –Technology and Energy
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