Bitcoin (BTC) Dips Below $60,000 in October 2021, Is 2017 Repeating?

Bitcoin (BTC) Dips Below $60,000 in October 2021, Is 2017 Repeating

It’s almost like the dip buying opportunities in Q4 2021 matched Q4 2017.

BTC price action has dipped below $60,000 – yet bitcoin is still reflecting the eye-popping 2017 bull run.

Compared to Bitcoin’s previous halving cycle, the latest data from 2017 and 2021 show how similar they really are.

A new bitcoin print shows eerie similarities to 2017

This year has seen bitcoin’s ups and downs, but as Cointelegraph reported, BTC/USD has largely been copying its 2017 fractal all along.

New analysis shows the same result – and for those concerned about Oct. 27’s drop to $58,000, it’s nothing new at all.

Interestingly, the dates of price phenomena in September and October 2021 are remarkably similar to those in 2017. An account on Twitter named Smart Crypto, which noticed the trend, predicted an “explosion” by 2022.

BTC/USD comparison chart. Source: Smart Crypto/Twitter

If the next quarter follows the same timeline as four years ago, Bitcoin’s price will increase significantly, based on Fibonacci sequences. Prices could reach $300,000, an order of magnitude higher than the 2017 peak.

Trader bets on a deeper BTC price correction

In the short term, however, those overly long on BTC may face some serious pain, analysts warn.

Related: Bitcoin drops $1K in five minutes in fresh dip below $60K

Filbfilb, the trader who forecast a potential drop to $50,000 this week, reiterated on Oct. 27 that even $57,000 looks to be unreliable as a potential local price floor.

Support sir?

Not unless your *friends* at bybit stop buying.

Expecting Yikes to be initiated. pic.twitter.com/H5nc6lVDfx

— filbfilb (@filbfilb) October 27, 2021

Funding rates continued to decrease as BTC/USD hovered at around $59,000 prior to the United States market opening.

Bitcoin funding rates chart. Source: Bybt