Bitcoin price drop matches October 2017 and BTC “boom” is still predicted before 2022.
A buying opportunity for Bitcoin?
Bitcoin (BTC) drops below $60,000; however, BTC price action still mimics the dazzling 2017 bull run. The latest data covering Bitcoin’s current halving cycle compared to the previous one shows how similar 2017 and 2021 actually are. Bitcoin has had its ups and downs this year, but BTC/USD almost imitated the 2017 fractal in a copy-paste fashion. New analysis gives the same result, and even that is nothing new for those worried about the October 27 drop to $58,000. Surprisingly, the price pattern in September and October 2021 practically coincides with 2017. Noticing the trend, the popular Twitter account Smart Crypto called for a timely “explosion” for 2022.
Using Fibonacci sequences, if the rest of the quarter follows the same timeline as four years ago, there are significantly higher prices for Bitcoin. An order of magnitude higher than the 2017 peak, these prices could reach $300,000. The trader is talking about a deeper BTC price correction. However, analysts warn that those who are extremely long-term in BTC in the short-term could face serious pain. Predicting a potential drop to $50,000 this week, trader Filbfilb reiterated on October 27 that even $57,000 looks unreliable as a potential local price floor.
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