Cryptocurrency analyst TechDev provided insight into The future trajectory of Bitcoin (BTC).. The analyst suggested that flagship cryptocurrency it is currently mirroring the price action of 2017 and may soon go parabolic as it did back then.
History may repeat itself
TechDev common chart on its 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 market, when it saw a 1,200% price escalate on its way to a previous high of $20,000.
Interestingly, just like in 2017 when Bitcoin’s price bottomed out after the Bitfinex crash, it looked like the cryptocurrency token had also bottomed this market cycle when Another FTX cryptocurrency exchange collapsed. At that time, Bitcoin consolidated for some time before going parabolic, reaching $20,000 in 2018.
As TechDev suggested, history could repeat itself with Bitcoin consolidating ahead of the move that could send it to as much as $100,000. From the chart shared by the crypto analyst, you can see that Bitcoin has consolidated longer in this market cycle than in 2017. However, Rekt Capital cryptocurrency analyst suggested that this longer period of consolidation is necessary.
He mentioned that Bitcoin has accelerated by almost 200 days in this market cycle and added that longer consolidation will facilitate it get back in sync with previous bull cycles. This strategic consolidation is a reassuring sign of Bitcoin’s stability and growth potential. Meanwhile, in recent times Post Xrevealed that Bitcoin was already attempting a “bull flag breakout retest” that could ensure the uptrend continues.
In the next one Post XRekt Capital shared a chart showing that a break from the $66,000 range could trigger a continuation Bitcoin bull runwhich could push its price above $100,000.
“Optimal Targets” for Bitcoin in this Market Cycle
Mikybull Crypto cryptocurrency analyst mentioned in Post X that the optimal targets for Bitcoin in this bull market should be between $138,000 and $150,000. Interestingly, he made this statement while also revealing that current cryptocurrency price action reflects the forecast from 2017. Cryptocurrency analysts’ predictions suggest that a 1,200% escalate in the price of Bitcoin (as in 2017) is unlikely.
However, it is worth noting that different cryptocurrency analysts such as PlanB have offered a more bullish outlook for Bitcoin, indicating that the flagship cryptocurrency could still see a 10x upside from its current price level. Specifically PlanB predicted that Bitcoin could rise to as much as $1 million in 2025, which would be the market peak for the crypto token.
Bitcoin is currently trading at around $67,000 as of this writing, down over the past 24 hours. data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
