Bitcoin price decline matches October 2017, but still predicts that BTC will “explode” before 2022

Bitcoin (Bitcoin) Has fallen below $60,000-but the price movement of BTC is still imitating the jaw-dropping 2017 bull market.

Covers the latest data of Bitcoin’s current halving cycle and the previous cycle show 2017 and 2021 are really similar.

Bitcoin prints more creepy 2017 similarities

Bitcoin has had its ups and downs this year, but As reported by Cointelegraph, BTC/USD almost always copy and paste its 2017 fractal.

The new analysis came to the same conclusion-this is nothing new for those worried about the drop to $58,000 on October 27.

Surprisingly, the dates of the price phenomenon in September and October 2021 are almost the same as in 2017. Smart Crypto, a popular Twitter account that has noticed this trend, calls for a timely “explosion” to 2022.

BTC/USD comparison chart.Source: Smart Encryption/Twitter

Using the Fibonacci sequence, if the rest of the quarter follows the same timetable as four years ago, the price of Bitcoin will rise sharply.These prices are an order of magnitude higher than the 2017 peak May reach 300,000 USD.

Traders bet on deeper BTC price corrections

However, analysts warn that in the short term, those who are over-long BTC may face some serious pain.

related: Bitcoin fell by $1,000 in five minutes, and fell below $60,000

Filbfilb, trader Forecast may drop to $50,000 This week, on October 27th, it was reiterated that even $57,000 as a potential local price floor does not look reliable.

Funding interest rate continues Reduce Because BTC/USD hovered around 59,000 USD before the opening of the US market.

Bitcoin financing rate chart. Source: Bybt