Bitcoin
The price of Bitcoin reflects the historical pattern that led to the rise to $1,200. Will history repeat itself?
Crypto analyst TechDev provided insights into the Bitcoin (BTC) Future Trajectory. The analyst suggested that main encryption it was currently reflecting its 2017 price action and could soon make a parabolic rise like it did back then.
History may repeat itself
TechDev shared a graphic on its X platform (formerly Twitter) with the caption: “The more things change, the more they stay the same.” The chart showed that Bitcoin’s current price action was mirroring that of the 2017 bull run, when it recorded a 1,200% price gain on its way to a previous high of $20,000.
Interestingly, just like in 2017 when the price of Bitcoin bottomed out following the Bitfinex crash, the crypto token also appeared to have bottomed out this market cycle when FTX, another cryptocurrency exchange, has collapsed. At that time, Bitcoin consolidated for some time before enjoying a parabolic rally that saw it reach $20,000 in 2018.
As TechDev suggested, history could repeat itself with Bitcoin consolidating before a move that could send it to the same level. up to US$100,000. From the chart shared by the crypto analyst, it can be seen that Bitcoin has consolidated longer in this market cycle than in 2017. However, crypto analyst Rekt Capital suggested that this longer period of consolidation was necessary.
He mentioned that Bitcoin was accelerating nearly 200 days into this market cycle and added that consolidating longer will help it resynchronize with previous bull cycles. This strategic consolidation is a reassuring sign of Bitcoin’s stability and growth potential. Meanwhile, in a recent X posthe revealed that Bitcoin was already trying to perform the “Bull Flag post-breakout retest”, which could guarantee a continuation of the upward trend.
In a subsequent X postRekt Capital shared a chart showing that a breakout of the $66,000 range could begin a continuation of the Bitcoin bull runwhich could very well push its price above $100,000.
“Ideal Goals” for Bitcoin in This Market Cycle
Mikybull Crypto Crypto Analyst mentioned in a X post that the ideal targets for Bitcoin in this bull run should be between $138,000 and $150,000. Interestingly, he made this statement when revealing that the current crypto price action is mirroring that of 2017. Crypto analyst forecast suggests that Bitcoin is unlikely to enjoy a 1,200% price gain (like in 2017).
However, it is worth highlighting that other crypto analysts like PlanB have offered more optimistic predictions for Bitcoin, which indicate that the leading cryptocurrency could still see a 10x increase from its current price level. Specifically, Plan B foreseen that Bitcoin could rise to as much as $1 million by 2025, which would be the top of the market for the cryptographic token.
At the time of writing, Bitcoin is trading around $67,000, a drop in the last 24 hours, according to data from CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com