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bitcoin price fractal $100k
Nexo

Fractal From Last Bull Run Says Bitcoin Will Hit $100K By May

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0
Advertisement

Bitcoin price is back over $50,000 after bullish news broke this morning regarding Coinbase officially filing to go public. However, according to a fractal from the last bull market cycle kicking off in early 2017, that number could be merely the halfway point to where the cryptocurrency will trade in just two months from now.

Here’s a look at the similarities between the two cycles, and the roadmap that takes the price per BTC to $100,000 and higher within the next couple of months.

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Characteristic Bitcoin Volatility Returns, Price Swings Reach $10,000 In A Single Day

Bitcoin volatility is picking up, starting with an explosive move from $10,000 to $50,000 in a few short months. The complete repricing of the coin has been due to institutional investors scrambling to buy what they can of the scarce crypto asset.

RELATED READING | BITCOIN HASN’T REACHED MANIA STAGE YET, ACCORDING TO THIS METRIC

At only 21 million coins and a market cap of under $1 trillion, Bitcoin is expected to grow in the long-term reliably. And in an economic climate where growth is challenging to come by, the cryptocurrency has become especially attractive.

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But as Bitcoin price discovery takes place, volatility is bound to ensue and is has in recent weeks as the cryptocurrency recently shed 20% in a single day. At prices of $50,000 per coin, a 20% dive means $10,000 in value apiece evaporating into thin air, compared to the $1,000 per plunge crashes during the last bull market.

bitcoin price fractal $100k

The structure is strikingly similar, albeit less volatile overall | Source: BTCUSD on TradingView.com

Early 2017 Fractal Suggests Deeper Downside Possible, Rebound To $100K By May

On the way up the last time around, price action closely resembled the current market volatility. Taking a comparison between early 2017 when Bitcoin was trading in the four-digit range and now, the similarities are strikingly clear.

If the same path is followed, Bitcoin could see further collapse before experiencing a sharp rebound to more than double the price. The price action will play out quickly, taking Bitcoin price first to $75,000 in April, then $100,000 by the time May rolls around.

RELATED READING | BITCOIN TREND STRENGTH MORE POWERFUL THAN 2017, ONLY JUST BEGINNING

It is also important to note that the path following the fractal continues onward from there as well. By the time the fractal runs out of room on the price chart above, the cryptocurrency tapers off at just $2,000 per BTC.

The cryptocurrency did another 10x from the end of the above price action, and if the fractal continues the same from current levels, it could potentially put each Bitcoin at a price of $1 million per coin before the top of this cycle is in.

What do you think – can Bitcoin price really climb that high before the next peak is in?

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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