Bitcoin chart fractal indicates that BTC price will rebound to at least $80,000 by September


Although Bitcoin (Bitcoin) The price fell by more than 8.2% after rising to US$42,230, and the 43.5% rebound included 10 consecutive days of rising. However, even though BTC is currently trading at approximately $39,700 as of August 2, some analysts expect it to rise by another 100%.

Independent market analyst Nunya Bizniz released a bullish setting on Sunday and pointed out that every bull market in the previous 10 days of cryptocurrency eventually doubled the price in the later period.

Therefore, if history repeats itself or rhymes, the price of Bitcoin may rise by more than 100% in the next 30-60 days.

Bitcoin and its bull market have run after 10 consecutive green closes. Source: Nunya Bizniz

Bizniz pointed out that the next Bitcoin peak may be formed on September 21, 2021, due to the performance of the cryptocurrency before and after the previous two halving events. Halved It is a pre-programmed phenomenon written into Bitcoin’s source code, which automatically reduces its new supply rate by half every four years.

After the first halving in 2013, it took about 326 days for the Bitcoin price to hit a record high. At the same time, after the next halving in 2016, Bitcoin rose to a new peak after 526 days. This moves the Bitcoin cycle peak date to September 21, 2021, which coincides with the 10-day bullish fractal described above, and is based on its previous halving in May 2020.

Bitcoin may reach six figures in the fourth quarter

At the same time, Seeking Alpha financial market contributor Ariel Santos-Alborna famous The current Bitcoin cycle is more similar to 2013 than 2016. At that time, the BTC/USD exchange rate reached a peak of US$255 in April, reached a bottom of US$66 in July, and then rose to a peak of US$1,150 in December.

Similarly, the currency pair reached nearly $65,000 in April, then plummeted to around $29,000 in July, and, as Santos-Alborna believes, will reach a new peak in the next fiscal year 2021.

related: Compared with the booming Bitcoin chain data, the price of BTC has a 6% correction

But analysts warned traders not to set upside targets based on previous price increases. For example, the rise from US$66 to US$1,150 in 2013 does not mean that Bitcoin will rise from US$29,000 to US$256,000 in 2021.

Since April 2021, Bitcoin has been fluctuating between US$29,000 and US$42,000. Source: TradingView.com

Santos-Alborna explained: “The two tops occurred in November and December respectively, which may imply that the triggers of the bear market are more tax-related,” adding that $88,000-150,000 is “more realistic for Bitcoin in 2021.” “Upward target.

These statements are made in regulatory agencies and government Strengthened their review The cryptocurrency industry.This includes a Recently pushed U.S. lawmakers tax the profits of cryptocurrency investors.

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