The price of Bitcoin (BTC) appears to be following a similar pattern to its 2017 breakout that saw BTC jump from $5500 to a high of $19000 in under two months.
On December 16, 2017, BTC hit a price of $19,497. It would not reach this price again until December 2020.
Here’s a comparison of the two years’ price movements.
Bitcoin Price Comparison 2017-2021
The similarities between Bitcoin's late-2017 and late-2021 price action come to fruition when seen in a price chart (via TradingView).
After a fairly stagnant June, BTC started to rise in late June in both 2017 and 2021.
On July 16, 2017, 1 BTC cost $1929, growing 153% to a high of $4892 by the start of September. This year, BTC rose from $29,807 on July 20 to $52,633 on September 6 - an increase of 76%.
BTC then suffered a slight crash during September in both 2017 and 2021. This year, it dropped 22% below its $52,633 high, while in 2017, it dropped 35%.
Following the dips, Bitcoin rapidly grew during ‘Uptober’. After its September 2021 low, BTC soared 62% to a new All-Time High of $65,992 on October 20. In the same period in 2017, BTC grew 90%.
So, what happened next?
After a head and shoulders pattern (of which BTC has just seen this year), BTC jumped from $6767 on November 1 to a high of 19,497 on December 16 - up 188%.
There’s no telling what could happen to BTC in the next couple of months, and diminishing returns mean we’re unlikely to see such extreme price action. However, with analysts speculating the bull run will continue until Christmas, many experts expect to see BTC hit $100,000 by the end of the year.
Read More: US Government To Auction Off 4.94 Bitcoin, Starts At Just $27,000 For 1 BTC
[Image: Viktor Forgacs/Unsplash]
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