Bitcoin’s price of $ 17,000 is possible within weeks based on a post-halving fractal
2 min readIf the fractal on the bitcoin price charts corresponds to the previous post-halving action, then the cryptocurrency could continue to rise. If the rally goes this way, the value of the largest cryptocurrency based on the post-halving fractal should reach $ 15,000 to $ 17,000.
Bitcoin will tear and what happens next will be fast and furious
The price of Bitcoins exploded early last week after gold set a new record and the government pledged another trillion dollars in stimulus spending. Inflation has shifted investors to assets such as precious metals and cryptocurrencies. Digital gold and its physical counterpart benefit from the weakness of the dollar.
Bitcoin gains its comparison with precious metals due to several similarities. For example, gold has a limited supply and the cryptocurrency is digitally encoded, so there will always be only 21 million BTC. This supply is slowly being released over the years. Every four years, the amount of BTC released freely on the market is halved during an event called halving.
There are several supply- and inventory-based theories that attempt to value an asset in the future based on a shortage. Those who promote these theories expect repetition of past cycles and values that will grow, as after the last halving.
But will everything really happen in the same way? One anonymous trader discovered fractals that point to a much higher peak than the current level. And that can happen much faster than we think.
Based on the post-halving fractal, BTC will be worth $ 15,000 to $ 17,000 in less than a month
Analysts often look at past bitcoin cycles to gain prospects for future price action. One trader did so and came up with a compelling fractal from the penultimate halving. It took place in 2016 and sent Bitcoin to its biggest bull run ever.
The same could happen again right now, according to a technical and fundamental analysis.
Based on the post-halving fractal, this pump, with a target value of between $ 15,000 and $ 17,000, may already be in full flow. What is really interesting is the timing of the target values. The fractal indicates a rapid and impulsive rise to this level over the next few weeks and is nearing completion by August.
Further fundamental data suggest that the cryptocurrency is at a similar point in its market cycle. If this is the case and the increase in the valuation of the asset is driven by the post-halving effect and digital scarcity, things may have a similar outcome.
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