Crypto analyst TechDev has provided insight into the Future trajectory of Bitcoin (BTC).. The analyst hinted that the flagship crypto currently reflects its 2017 price action and could soon see a parabolic rise like it did then.
History could repeat itself
TechDev shared a graph on his X platform (formerly Twitter) with the caption: “The more things change, the more they stay the same.” The chart showed that Bitcoin’s current price action mirrored that of the 2017 bull run, when it posted a 1,200% gain on its way to a previous high of $20,000.
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Interestingly, just like in 2017 when Bitcoin’s price bottomed out after the Bitfinex crash, the crypto token seems to have bottomed out in this market cycle as well. FTX, another crypto exchange, collapsed. At the time, Bitcoin consolidated for some time before experiencing a parabolic rally, reaching $20,000 in 2018.
As TechDev suggested, history could repeat itself, with Bitcoin consolidating ahead of a move that could send it into the future high as $100,000. From the chart the crypto analyst shared, you could see that Bitcoin has consolidated for longer in this market cycle than in 2017. crypto analyst Rekt Capital hinted that this longer period of consolidation was necessary.
He named that Bitcoin was accelerating by almost 200 days in this market cycle, adding that longer consolidation will help it re-sync with previous bull cycles. This strategic consolidation is a reassuring sign of Bitcoin’s stability and growth potential. Meanwhile, in a recent one X messagehe revealed that Bitcoin was already attempting the ‘post Bull Flag breakout retest’, which could ensure a continuation of the upward trend.
In a sequel X messageRekt Capital shared a chart showing that a breakout of the $66,000 range could fuel the continuation of the crisis Bitcoin’s bull runwhich could very well push the price over $100,000.
“Optimal Targets” for Bitcoin in this Market Cycle
Crypto analyst Mikybull Crypto mentioned in a X message that the optimal targets for Bitcoin in this bull run should be between $138,000 and $150,000. Interestingly, he made this statement while revealing that the current price action of crypto mirrors that of 2017. The crypto analyst’s prediction suggests that Bitcoin’s price gain of 1,200% (as in 2017) is unlikely.
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However, it is worth noting that other crypto analysts like PlanB have made more bullish predictions for Bitcoin, indicating that the flagship crypto could still see a 10x increase from current price levels. In particular PlanB predicted that Bitcoin could rise to as high as $1 million by 2025, which would be the market top for the crypto token.
At the time of writing, Bitcoin is trading around $67,000, down in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com