Bitcoin price action in 2021 so far mirrors 2017 — Will it continue?
Bitcoin is in full bull run mode according to trading analysts, as on-chain indicators look promising, but the rest of 2021 could be full of surprises. Bitcoin’s (BTC) recent rally has finally broken through to reach widely anticipated new all-time highs. With September being left behind and “Uptober” delivering on high hopes, many analysts are increasingly confident that the year will play out in the same way as 2017. In fact, a recent tweet from crypto analyst TechDev shows just how closely the price chart for 2021 is tracking 2017, and it’s startlingly close. But can a continuing upward....
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Bitcoin price succumbed to another wave of selling, but analysts say the current market structure at $47,500 mirrors the early bull-market from 2017. Crypto markets tanked again after Bitcoin (BTC) price slipped to $47,500 on Dec. 9, but most analysts agree that the price is destined to remain in the $40,000 to $55,000 range until the holiday season has passed.BTC/USDT 4-hour chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView shows that the early morning defense of the $50,000 support level was overwhelmed by sellers and according to independent market analyst....
$100,000 BTC is probably not happening, but analysts are hopeful that BTC can end the year above $50,000 and kick off early 2022 with a new all-time high. Bullish traders that drank the "Bitcoin to $100,000 by year-end" Kool-Aid are now coming to terms with the fact that there may be no Santa Claus rally to wrap up 2021. At the moment, the pipe dream has morphed into simple hopes that the top cryptocurrency can at least finish the year above $50,000. Data from Cointelegraph Markets Pro and TradingView shows that the bounce in price seen in BTC following remarks from Federal Reserve Chair....
Bitcoin’s all-time price highs in 2021 have crushed records set in 2017. But that’s not the only way in which this bull run is different. The post Bitcoin 2017 Vs. 2021: How This Bull Run Is Different appeared first on Bitcoin Magazine.
Bitcoin has been seeing some strong price action throughout the past few days Bulls have been in firm control, with bears struggling to gain any ground as they fail to spark any meaningful selloffs This price action has allowed BTC to form a market structure that is arguably the strongest seen since before the late-2017 decline This strength is likely to continue growing as BTC shows signs of breaking above its key near-term resistance level […]
A quant has pointed out the similarities between the 2017 and 2021 Bitcoin cycles, something that could hint at how the rest of this bear market might play out. Both 2017 And 2021 Bitcoin Cycles Saw New Lows Around The 365-Day Mark Since The Top As explained by an analyst in a CryptoQuant post, the two cycles are more similar than one might expect them to be. The indicator of relevance here is the “drawdown from ATH,” which measures the percentage decrease in the price of Bitcoin following the all-time high during each cycle. Here is a chart that shows the trend in this metric....