Bitcoin price action in 2021 so far mirrors 2017 — Will it continue? – Cointelegraph

Bitcoin’s recent rally has finally broken through to reach widely anticipated new all-time highs.

Several pieces of data point to similarities in the patterns between the two cycles.

TechDev’s ambitious prediction is that a $200,000 BTC price is “programmed in.” Korean trader Mignolet is also bullish, stating in early October that the decrease of volume moving from spot to derivatives markets is a positive market signal.

The results demonstrate that coins held longer than a statistically significant period of 155 days only begin to enter the markets once prices break the previous all-time high.

In 2017, BTC’s dominance dropped sharply during the first half of the year before picking up as it moved toward the $20,000 resistance.

The same can be said of active addresses, which by this point in 2017 had been on a near-vertical upward trajectory.

The creator of the stock-to-flow model for Bitcoin has nailed the last two monthly closing prices to within a fraction of a percent and has predicted an October close of $63,000 and $98,000 for November.

It’s also worth noting that the last big BTC bull run before that was in 2013 when the price peak came a few weeks earlier at the end of November and the start of December.

If history does repeat itself, then December could mark the point at which the market will enter a new phase of this halving cycle.

So far this year, Bitcoin has weathered multiple regulatory blows from the Chinese government and Elon Musk’s antics, along with the boost of becoming legal tender in El Salvador and gaining broader recognition from the financial sector and institutions.

While the Bitcoin exchange-traded fund news propels the markets into epic bull territory for now, there are no cast-iron guarantees that positive sentiments will keep driving the markets.

Even though it does not guarantee the result, it seems that bullish sentiments are overwhelmingly strong at this point.

…Read the full story