{"id":357788,"date":"2021-10-25T18:44:00","date_gmt":"2021-10-25T15:44:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-action-in-2021-so-far-mirrors-2017-will-it-continue\/"},"modified":"2021-10-25T18:44:00","modified_gmt":"2021-10-25T15:44:00","slug":"bitcoin-price-action-in-2021-so-far-mirrors-2017-will-it-continue","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-action-in-2021-so-far-mirrors-2017-will-it-continue\/","title":{"rendered":"# Bitcoin price action in 2021 so far mirrors 2017 \u2014 Will it continue?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a43ae1e54ea8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a43ae1e54ea8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-action-in-2021-so-far-mirrors-2017-will-it-continue\/#Following_the_indicators\" >Following the indicators<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-action-in-2021-so-far-mirrors-2017-will-it-continue\/#So_what_can_be_expected_from_BTC\" >So, what can be expected from BTC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-action-in-2021-so-far-mirrors-2017-will-it-continue\/#How_long_can_it_last\" >How long can it last?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price action in 2021 so far mirrors 2017 \u2014 Will it continue? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin\u2019s (BTC) recent rally has finally broken through to reach widely anticipated new all-time highs. With September being left behind and \u201cUptober\u201d delivering on high hopes, many analysts are increasingly confident that the year will play out in the same way as 2017.\u00a0<\/p>\n<p>In fact, a recent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TechDev_52\/status\/1445553800182259719?t=_Pt6YVfFjpeun9gzFYwF-A&amp;s=19\">tweet<\/a> from crypto analyst TechDev shows just how closely the price chart for 2021 is tracking 2017, and it\u2019s startlingly close. <\/p>\n<p>But can a continuing upward trajectory really be that simple?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Following_the_indicators\"><\/span>Following the indicators<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several pieces of data point to similarities in the patterns between the two cycles. Firstly, the relative strength index, which traders use to identify overbought and oversold markets, is tracing the same path as 2017. In 2013 and 2017, each cycle displayed two peaks, so if events follow course, then we\u2019re still due a second rally. <\/p>\n<p>TechDev\u2019s ambitious prediction is that a $200,000 BTC price is \u201cprogrammed in.\u201d Korean trader Mignolet is also bullish, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/615dc647e465593b237c1e34-A-new-cycle-is-about-to-begin?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=Mignolet%0Ahttps:\/\/cryptoquant.com\/quicktake\/615dc647e465593b237c1e34-A-new-cycle-is-about-to-begin?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=Mignolet%0A\">stating<\/a> in early October that the decrease of volume moving from spot to derivatives markets is a positive market signal. Meanwhile, even back in September, some were sure about BTC reaching the $100,000 mark even before the recent all-time highs.<\/p>\n<p>On-chain analytics firm Glassnode recently published a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/follow-the-smart-money\/\" data-amp=\"https:\/\/insights-glassnode-com.cdn.ampproject.org\/c\/s\/insights.glassnode.com\/follow-the-smart-money\/amp\/\">review<\/a> of long-term hodling patterns, which provides further credence to the argument for another rally to come. 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. On-chain patterns also currently show a trend toward <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-41-2021\/\">accumulation<\/a>. <\/p>\n<p>Put simply, long-term holders are ensuring that demand for BTC outs<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>s supply. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/4a3fcb6c-4a62-47b3-b007-c331549de369.png\"><\/figure>\n<p>However, not everyone agrees that history is repeating itself. When we asked whether he thinks 2021 is a mirror of 2017, Mati Greenspan, founder and CEO of Quantum Economics, told Cointelegraph \u201cNot at all,\u201d adding further:<\/p>\n<p>\u201c2017 began with Bitcoin crossing $1,000 per coin and gradually snowballed throughout the course of the year, continuously breaking new highs, a crescendo that peaked in December. This year, we saw the mass mania at the beginning of the year and then a lukewarm extension of that momentum.\u201d<\/p>\n<p>Backing up this view, other indicators are showing a more tentative correlation. In 2017, BTC\u2019s dominance dropped sharply during the first half of the year before picking up as it moved toward the $20,000 resistance. Early 2021 showed a similar pattern, and dominance has been increasing since September. However, the direction of travel isn\u2019t yet incontrovertibly upward. <\/p>\n<p>The same can be said of active addresses, which by this point in 2017 had been on a near-vertical upward trajectory. However, while the upward trend here is more pronounced than BTC\u2019s dominance, it\u2019s nevertheless on a gentler incline.<\/p>\n<p>Could it simply be that 2021 is less of a feeding frenzy for incoming individual investors than in 2017? <\/p>\n<p>It seems likely. For instance, net transfer to and from exchanges has some similarities to the patterns of the last bull run. But overall, the markets are behaving in a more measured fashion. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/89247b07-19cb-493c-adff-d8cc11358c9c.png\"><\/figure>\n<p>Micha Benoliel, co-founder and CEO of Internet-of-Things network Nodle, points out that there are macro-level differences between 2017 and now that could account for these variations in pattern. Speaking to Cointelegraph, he said that the situation is totally different:<\/p>\n<blockquote><p>\u201cThe COVID crisis has hit many of our economies, and the level of money printed by central banks to provide support to our economies has reached new highs. Inflation rates are growing, and therefore, Bitcoin is a safe position to hedge against what\u2019s h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"So_what_can_be_expected_from_BTC\"><\/span>So, what can be expected from BTC? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Regardless of whether the present is mirroring the past by all measures, analysts have been almost universally bullish on Bitcoin\u2019s price even before this week\u2019s stellar price action. <\/p>\n<p>TechDev\u2019s $200,000 prediction is at the higher end of most forecasts, while analyst Filbfilb put prices at $72,000 by November. <\/p>\n<p>And then there\u2019s the consistently reliable PlanB. 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. He also tips BTC to have reached $135,000 by December \u2014 not, as he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1442772744450592771\">points out<\/a>, based on his popular stock-to-flow model. If that were 100% accurate, BTC would have already hit the $100,000 mark, according to him. <\/p>\n<p>Instead, it seems that the crowd can expect the analyst to reveal details of a new price and\/or on-chain data model that\u2019s driving these scarily accurate monthly price predictions. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_long_can_it_last\"><\/span>How long can it last? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The 2017 run peaked in December when bullish sentiments ran out at almost $20,000. Although a lesser breakout in early January brought fresh hopes, it was downhill from there. <\/p>\n<p>It\u2019s 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. Again, the high was followed by another rally in early January. <\/p>\n<p>If history does repeat itself, then December could mark the point at which the market will enter a new phase of this halving cycle. PlanB believes it will run for longer, though, based on his undisclosed on-chain model.<\/p>\n<p>Of course, metrics and models cannot take account of unfolding <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> or other market events that may influence prices. So far this year, Bitcoin has weathered multiple regulatory blows from the Chinese government and Elon Musk\u2019s antics, along with the boost of becoming legal tender in El Salvador and gaining broader recognition from the financial sector and institutions. A stagnating economy and investor interest in crypto\u2019s market-beating yields have also helped maintain a solid support level. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto breaks Wall Street\u2019s ETF barrier: A watershed moment or stopgap?<\/em><\/strong><\/p>\n<p>While the Bitcoin exchange-traded fund (ETF) news propels the markets into epic bull territory for now, there are no cast-iron guarantees that positive sentiments will keep driving the markets. There\u2019s the ongoing saga of potential United States regulatory intervention and an increasingly heated energy crisis that seems likely to impact mining profitability \u2014 these, or other macroeconomic factors, could blow the markets off course. <\/p>\n<p>Steven Gregory, CEO of Currency.com, believes the current ETF hype invokes similar, if not identical, feelings to 2017, telling Cointelegraph that when the first Bitcoin futures contract was added to CBOE, there was widespread excitement: \u201cInitially, there was a strong upward price movement, but looking back, it looked like the tail end of the bull run for BTC.\u201d But he cautions against wrapping up for the chill of a new crypto winter, elaborating:<\/p>\n<blockquote><p>\u201cThere may be some parallels here between the 2017 bull run and this 2021 cycle; however, adoption is far greater, open interest is higher, and the utility of crypto is unrecognizably farther along than in 2017.\u201d<\/p><\/blockquote>\n<p>Even though it does not guarantee the result, it seems that bullish sentiments are overwhelmingly strong at this point. Whichever way it goes, 2021 is set to go down in the crypto history books as one of the most action-packed in the industry\u2019s colorful history.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-action-in-2021-so-far-mirrors-2017-will-it-continue\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price action in 2021 so far mirrors 2017 \u2014 Will it continue? &#8221; Bitcoin\u2019s (BTC) recent rally has finally broken through to reach widely anticipated new all-time highs. With September being left behind and \u201cUptober\u201d delivering on high hopes, many analysts are increasingly confident that the year will play out in the same&#8230;<\/p>\n","protected":false},"author":1,"featured_media":357789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvMTgwMzY5NWUtYmQyMC00NTNiLTljYWQtNThmOTk5YTA1NDcxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74355],"class_list":["post-357788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-adoption"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/357788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=357788"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/357788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/357789"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=357788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=357788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=357788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}