Several of our news articles this year – as well as several from last year – included details regarding the 4 year cycle in cryptocurrency prices. The editors at Top5Cryptos are strongly of the opinion that the entire cryptocurrency market is correlating to the previous 4 year cycle patterns in excess of 90%.
Our cryptocurrency price predictions for 2021 are base upon the correlation to the 4 year cycle, among other specific factors.
Using this year cycle pattern, we are going to predict the general price action of the crypto market for the months of February and March.
First, though, we will look at the crypto price behavior during the previous 4 year cycle top of 2017.
Bitcoin Price Performance In Early 2017
Bitcoin started the first day of 2017 at $1,003. It rose rapidly, gaining nearly 19% by January 5th.
Bitcoin then fell by 24% to reach a low on January 25.
From that date, Bitcoin basically bounced up and down in price without going much in either direction. Prices were choppy from January 25 until February 16.
From February 16 to February 24, Bitcoin had a sustained upward movement in price, reaching the same price that it had attained on January 5 of that year.
From February 24 until March 1, the price of Bitcoin remained near the high of January 5. However, on March 2, Bitcoin broke out above the high of January 5, rising about 8% above the peak price attained in early January.
Bitcoin then suffered a 20% correction into a low on March 19.
Bitcoin then again experienced choppy sideways price action until March 30.
April was the month that the climb in the Bitcoin price really kicked into high gear and Bitcoin left for good the trading range it had been in the first 3 months of the year.
Here is what the Bitcoin chart looked like for the above described time period in 2017:
Using this price behavior taken from the previous 4 year cycle time frame, we are going to compare it to the price behavior of Bitcoin this year.
This year, Bitcoin reached its high on January 8, only 3 days later than it did in 2017.
Since then it has been following the same type of price action that transpired in 2017.
We have no reason to believe that the price of Bitcoin will stray much from its previous price behavior.
Our Bitcoin Forecast For February and March
Using the data above, the price of Bitcoin should get back to the $42,000 range around February 23 – 26.
From there, it should make a new all time high around $45,000 to $47,000 the first week of March.
After reaching a new all time high in early march, Bitcoin will likely fall to the range of $30,000 around the 3rd week in March.
The the fun REALLY begins for crypto bulls.