According to analystsdollars, the Bitcoin “hard breakout fractal” indicates that the BTC price could reach $250-350k in 2021. The analogy arose with the expectation that Bitcoin could do a 2017-like bull run, where the price surged by more than 1,900%. According to the analyst, a long-running fractal makes it possible to talk about the $250,000 to $350,000 levels for Bitcoin forecast by the end of 2021. Details Cryptocoin. com
Analyst’s Bitcoin prediction
First spotted by analyst alias Bit Harington, the bullish pattern drew its inspiration from Bitcoin’s bull runs every time after the halvings when the miner’s block reward was halved. Analisdollarser perceives the halving as a bullish event that reduces the supply of newly minted BTC. Harington reminded that Bitcoin prices have increased by more than 600% after the first two halving events in 2012 and 2016 as measured from the so-called resistance/support (R/S) line as shown in the chart below.
The line represented a barrier during the price uptrend period. Traders repeatedly tested it for a breakout before successfully crossing it to hit a new record high. As Fiyadollarsar started to improve, it finally bottomed out near the same line. In 2020-2021, Bitcoin went through a similar upward trajectory, going from under $4,000 to over $60,000. Again, Harington highlighted the $60,000 level with the same R/S line that prevented trades from registering a clear bullish breakout.
The analyst hinted that Bitcoin will rise towards a new record price level. Cointelegraph Markets analyst Michaël van de Poppe was not unresponsive to Harington’s fractal theory, citing Bitcoin prices of 250,000-350. He added that he will increase it to the $ 000 range. However, he noted that the big rally could also lead to a brutal correction that could push Bitcoin prices back to $65,000 just near Harington’s $60,000 S/R level.
Do the fundamentals overlap?
Bitcoin skyrocketed after falling below $4,000 in March 2020, primarily due to loose monetary policies of global central banks to curb the consequences of the Covid-19 pandemic. The cryptocurrency closed the year at around $30,000 as individual and institutional investors awoke to the safe-haven narrative against fears of the falling US dollar and rising inflation. In 2021, Bitcoin price surpassed $65,000 before falling below $50,000. At its lowest level since year-to-date (YTD), the pair traded at $29,301 on the Coinbase exchange. Their losses were driven by a sudden ban on all crypto activitydollars in China (including mining) and Elon Musk’s alarming tweets about Bitcoin’s growing carbon footprint.