Sunday , October 17 2021

Bitcoin: If history is repeated, BTC may not reach the highest levels until the year 2021

Because the Bitcoins market that started for the first time when BTC reached almost $ 20,000 by the end of 2017 persists until 2019, investors want to know when the markets will begin to face their previously established record highs.

Although there have been many positive events in the cryptoconversion industry last year, if history proves to be true, it may take a few years before it can exceed US $ 20,000 and increase the highest levels.

Investors are based on the price action to predict the future of Bitcoin based on the history (BTC)

Lately, there has been an important conversation in the cryptocontability industry as to whether BTC will start or not a new bullish trend based on the fundamental action of prices or that will be based on price actions based on news.

Throughout 2018, many investors saw the potential approval of a Bitcoin ETF as an event that would help Bitcoin fundamentally and give rise to a positive news that would allow the Bitcoin price to start a new cycle of rising prices

This hope was crushed, however, earlier this week, when it was announced that Cboe had withdrawn the VanEck-SolidX Bitcoin ETF application, which will probably generate significant delays until they re-enter this application on the regulatory authorities of the United States.

CBOE has recently withdrawn its long awaited application of Bitcoin ETF.

Now, investors are focusing primarily on theories about price cycles based on history to predict where the markets will go next.

Analyst: The new Bitcoin (BTC) All-Time-Highs takes more time with each cycle

Josh Rager, a popular cryptocurrency analyst on Twitter, recently pointed out that BTC is taking longer to set new historical highs with each price cycle, which could mean that if Bitcoin follows its historical tendencies, it can not exceed $ 20,000 up to March 2021 or later.

"When Bitcoin will break its predecessor all the time? It took 1,181 days to BTC to break its previous ATH and 1,478 days to the new ATH on December 17 … At this rate, $ BTC would break ATH + $ 20k the March 2021 or later … The new BitTorrent ATHs seem to take more time with each cycle, "explained Rager.

It is important to note that the basis of this theory means that the massive volatility that BTC saw in 2017 and 2018 did not have a fundamental impact on the future action of prices, and that there will be no important news affect the price action of BTC.

Bitcoin is very close to breaking its record for its longest correction, which can provide a greater support for the theory of fresh cycles all the time, which take more time with each new price cycle.

Featured images of Shutterstock.

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