Bitcoin Explosion is Near, Shows Clear Connection With 2017 BullRun

Despite the fact that Bitcoin (BTC) has fallen below $60,000, the price movement has been consistent with the 2017 bull run.

In light of the most recent data comparing the current Bitcoin halving cycle to the previous one, it is clear that 2017 and 2021 are quite comparable.

Bitcoin has lot of connections with the year 2017.

Bitcoin has had ups and downs this year, but as Cointelegraph pointed out, the BTC/USD fractal has remained relatively identical to that of the previous year.

A new study comes to the same conclusion as the last one — and for those concerned about the $58,000 cut scheduled on October 27, this is nothing new.

Surprisingly, the dates of price variations in September and October 2021 are nearly equal to the dates of price fluctuations in the previous year. 

An “explosion” in the cryptocurrency market is projected for 2022 by Smart Crypto, famous Twitter account that noticed the pattern.

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

In accordance with Fibonacci sequences, if the remainder of the quarter follows the same timeline as the previous four years, the value of Bitcoin will rise. It is possible that these prices, which are an order of magnitude higher than the top of 2017, would approach $300,000.

Traders are anticipating a further decline in the price of bitcoin.

Analysts warn that anyone who hold large amounts of bitcoin for an extended period of time may experience significant implications in the near future.

Prior to the launch of the US market, financing rates continued to decline, with the bitcoin to dollar exchange rate remaining at $59,000.

Bitcoin funding rates chart. Source: Bybt

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