Three weeks ago we published a story outlining our thoughts on the price action for Bitcoin that would likely be experienced throughout February and March.
We wrote that Bitcoin “has been following the same type of price action that transpired in 2017.”
Let’s take a close look at the Bitcoin price action in both 2017 and this year.
Bitcoin Price Performance In Early 2017
Bitcoin started the first day of 2017 at $1,003. It then rose rapidly, gaining nearly 19% by January 5th, to a high of $1,191.
Bitcoin then fell by 24% to reach a low of $812 on January 15th.
From that date, Bitcoin basically bounced up and down in price without going much in either direction. Prices were choppy from January 15 until February 16.
From February 16 onward, Bitcoin had a sustained upward movement in price, reaching the same price ($1,191) that it had attained on January 5 of that year, on February 24.
Bitcoin continued to rise until March 16, which was the start of another very sizable decline.
Bitcoin Price Performance In Early 2021
This year, Bitcoin reached its high of $41,946 on January 8, only 3 days later than it did in 2017.
Bitcoin then fell by 27% to reach a low of $30,549 on January 11th.
From that date, Bitcoin basically bounced up and down in price without going much in either direction. Prices were choppy from January 11 until February 7.
From February 7 onward, Bitcoin had a sustained upward movement in price, reaching the same price ($41,946) that it had attained on January 5 of that year, on February 8.
2017/2021 Date Comparisons
The following table summarizes the data comparison:
Notice that this year it did not take Bitcoin as long to exceed its early January high. Fundamental analysis suggest this could be due to the fact that central banks are in an easing mode to counter the negative financial factors created by the covid pandemic.
By using the 4 Year Cycle and technical analysis, the breakingcrypto.news editorial team is forecasting Bitcoin to reach a high of $379,825 in December of this year.
Pie-in-the-sky, or reality?
Time will tell.