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

Bitcoin price dip matches October 2017 with BTC ‘explosion’ still forecast before 2022
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Bitcoin (BTC) Drops Below $60,000 – But BTC Price Action Still Mimics the Uptrend of 2017.

Latest data covering the current Bitcoin halving cycle vs the previous cycle Offers How similar 2017 and 2021 really are.

Bitcoin Prints More Scary Similarities in 2017

Bitcoin has seen its ups and downs this year, but as Cointelegraph reportsBTC/USD fully pasted the 2017 fractal all along.

The new analysis offers the same conclusion – and for those concerned about the October 27 drop to $58,000, even that is nothing new.

Surprisingly, the dates of price phenomena in September and October 2021 practically coincide with 2017. Based on a previous analysis chirp By TechDev, the popular Twitter account called Smart Crypto for an “explosion” in time for 2022.

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

Using the Fibonacci sequence, if the rest of the quarter follows the same timeline as it did four years ago, bitcoin prices would be much higher. Since it is above the 2017 peak, these prices could reach $300,000.

Trader bets on a deeper Bitcoin price correction

However, in the short term, those who buy Bitcoin excessively may face some severe pain, analysts warn.

RELATED: Bitcoin Drops $1K in Five Minutes, New Drop Below $60K

Filbfilb, the merchant who Anticipating a possible drop to $50,000 this week, he confirmed on October 27 that even $57,000 is unreliable as a potential domestic price floor.

Funding rates continued to decline as BTC/USD hovered around $59,000 before the US market opened.

Bitcoin finance price chart. Source: Bybt