Bitcoin price dip matches October 2017 with BTC ‘explosion’ still forecast before 2022

Bitcoin (BTC) has dipped under $60,000 — however BTC value motion remains to be mimicking the eye-popping 2017 bull run.

The newest information masking Bitcoin’s present halving cycle versus its earlier one shows simply how related 2017 and 2021 actually are.

Bitcoin prints extra eerie 2017similarities

Bitcoin has had its ups and downs this 12 months, however as Cointelegraph reported, BTC/USD has all however copy-pasted its 2017 fractal all alongside.

Contemporary evaluation delivers the identical conclusion — and for these involved about Oct. 27’s drop to $58,000, even that is nothing new.

Astonishingly, the dates of value phenomena in September and October 2021 virtually match 2017. Well-liked Twitter account Good Crypto, which seen the development, referred to as for an “explosion” in time for 2022.

BTC/USD comparability chart. Supply: Good Crypto/Twitter

Using Fibonacci sequences, ought to the remainder of the quarter observe the identical timeline as 4 years in the past, considerably greater costs are in retailer for Bitcoin. Being an order of magnitude greater than the 2017 peak, these costs could hit $300,000.

Trader bets on a deeper BTC price correction

In the short term, however, those overly long on BTC may face some serious pain, analysts warn. 

Related: Bitcoin drops $1K in five minutes in fresh dip below $60K

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 charges continued to lower as BTC/USD hovered at round $59,000 previous to america market opening.

Bitcoin funding charges chart. Supply: Bybt