The market continues to accumulate after the recent decline. As enthusiasts wait to board a rapid movement of coins from the crypto industry. The market capitalization of the crypto space has currently increased by about 1.8% at $ 2,748,302,366,056. The dominance of Bitcoin, on the other hand, is 41.1%. Meanwhile, the crypto proponent expects a massive rally that could push BTC prices higher in 2021.
This is where the BTC price goes!
The analyst mentions that he is fairly confident that the market will reach levels that most people do not expect. He goes on to explain that the increase could be higher than the expected level of Plan B or much higher. Additionally, several traders believe the levels below the recent ATH are important entry points.
Several analysts have envisioned a run like the one in 2017. Because since June the price movements of Bitcoin have been rhyming with those of 2017. And as veterans say, history does not repeat itself, but it does rhyme. We can look forward to a possible result. The chart depicts BTC prices following the 2017 path.
#Bitcoin has been following a flattened path from 2017 since June.
Now anchored at 5 points if the low is actually in.
Although it has been 160 days, I would be surprised if this continued all the way to the top.
Will follow up until it breaks. pic.twitter.com/GffqM3Kbnh
– TechDev (@ TechDev_52) November 17, 2021
The crypto proponent mentions that the slump was close to 40% in mid-November 2017. Although the market is not nearly as advanced at the moment. He also states that in the third week of November 2017 the price increased by 300% From approx $ 5,500 – $ 5,800 to $ 20,000. If BTC follows a similar rally, the price could hit levels of. rise $ 180,000 to $ 200,000. That is a gain of 300% compared to the current statistics.
Is there a massive rally ahead?
There are several catalysts for a massive rally that could follow. The balance on the stock exchanges is still on a downward trend. This means that there is a lack of supply to meet demand. In addition, the orders in the Dip are constantly increasing. In addition, the third largest Bitcoin whale has actively bought the dip.
As a result, Bitcoin miners continue to hold their mined Bitcoins. And institutional adoptions continue to rise. Which has the potential to set leaps and bounds before the current value in the BTC price valuation. Fidelity Launches Canada’s First Institutional Bitcoin Custody Service. The above factors could give way to a massive rally.
Taken together, investors and traders alike remain keen to buy the dip. And the trading volume is increasing around that $ 60,000 Price mark. While the fear and greed, Index suggests neutral. Traders are optimistic that BTC prices will maintain the level of $ 90,000 to $ 100,000 until the end of the year. From historical price movements.