The TechDev Twitter account, known for its interesting analysis, is announcing a big price target for BTC in the coming months as it believes the Bitcoin price reflects the 2017 bull market.
180. Bitcoin price analysis of $ 000
The 107,500-follower and emerging TechDev says the current price action of Bitcoin (BTC) is very similar to its 2017 parabolic study, where it rose from under $4,000 to $20,000 in a matter of months:
After 140 days, a slightly flattened 2017 fractal continues to predict daily BTC price action better than most short-term TAs (technical analysis) I’ve seen.
According to the crypto analyst’s chart, Bitcoin could skyrocket to an all-time high above $180,000 by the end of 2021 if it continues to follow in the footsteps of the 2017 bull cycle.
A closer look at the daily chart, TechDev highlights more similarity between the two cycles in terms of price and timing. The trader says that Bitcoin (BTC) reached higher and lower highs at the same Fibonacci levels it sustained during its run from $1,750 to $6,000 from July 2017 to October 2017:
Latest BTC daily price action. I’ve seen them all before.
TechDev adds that the similarity between the two cycles can also be seen on the weekly chart
The similarity will be observed on the weekly chart between the two cycles, according to the analyst. TechDev also says that Bitcoin appears to be hesitating right now after a strong three-week rally that it says looks very similar to October 2017 performance.
Bitcoin market cap could reach $11 trillion
Finally, TechDev says that if Bitcoin continues to follow the 2017 bull cycle, the market cap of BTC could reach up to $11 trillion by early 2022:
Total crypto market value since mid-August with 2017.