Bitcoin price action in 2021 so far mirrors 2017 — Will it continue?
Bitcoin’s (BTC) recent rally has finally broken through to reach widely anticipated new all-time highs. With September being left behind and “Uptober” delivering on high hopes, many analysts are increasingly confident that the year will play out in the same way as 2017.
In fact, a recent tweet from crypto analyst TechDev shows just how closely the price chart for 2021 is tracking 2017, and it’s startlingly close.
But can a continuing upward trajectory really be that simple?
Several pieces of data point to similarities in the patterns between the two cycles. Firstly, the relative strength index, which traders use to identify overbought and oversold markets, is tracing the same path as 2017. In 2013 and 2017, each cycle displayed two peaks, so
Read more on cointelegraph.com
