An emerging crypto strategist and trader is unveiling a huge price target for Bitcoin in the coming months as he believes the crypto asset is mirroring its 2017 bull market.
The crypto analyst, TechDev, tells his 107,500 followers that the current price action of Bitcoin (BTC) looks very similar to its 2017 parabolic run when it rallied from below $4,000 to $20,000 in a couple of months.
“After 140 days, a slightly-flattened 2017 fractal continues to predict the day-to-day BTC price action better than most short-term TA (technical analysis) I’ve seen.”
Based on the crypto analyst’s chart, Bitcoin can skyrocket to a new all-time high above $180,000 by the end of 2021 if it continues to follow the footsteps of the 2017 bull cycle.
Looking closer at the daily chart, TechDev highlights more similarities between the two cycles in terms of price and timing. The trader says that Bitcoin appears to be reaching higher highs and higher lows at the same Fibonacci levels it maintained during its run from $1,750 to around $6,000 between July 2017 and October 2017.
“Recent BTC daily price action. Seen it all before.”
TechDev adds that the resemblance between the two cycles can also be seen in the weekly chart. He says Bitcoin appears to be currently hesitating after a strong three-week rally, which he notes looks very similar to its October 2017 performance.
Should Bitcoin continue to track its 2017 bull cycle, TechDev says BTC’s market capitalization can soar to as high as $11 trillion by early 2022.
“Total crypto market cap on path with 2017 since mid-August.”
Bitcoin is currently trading at $63,077 with a market cap of $1.18 trillion, according to CoinMarketCap.
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