Bitcoin is currently tracking well ahead of the 2017 bull market!

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If it seems like bitcoin is moving fast, that's because it is!

As it stands right now, bitcoin is already well ahead of the trend set back in 2016 and 2017 on its way to new all time highs around $20k.

In fact, as it stands right now, the current trend is well above the pattern we saw back then.

That being said, it's still well below the 1st post halving bull market which would call for bitcoin to hit prices somewhere north of $720k by mid next year.

Yea, we are not likely to follow that pattern.

However, we are already well above the last post halving rally and that rally would imply that bitcoin ultimately peaks around $200k by October of next year.

Check it out:

image.png

(Source: https://cointelegraph.com/news/bitcoin-is-already-outperforming-the-halving-that-sparked-20k-all-time-high)

As you can see, we are well above the 2nd post halving bull market.

In fact as it stands now, we are pretty close to the highest above that 2nd trendline we have ever been since the most recent halving happened.

By the way if you are curious where I was getting my price targets if we followed previous halvings that I mentioned above, they can be found here:

https://hive.blog/hive-167922/@jrcornel/where-and-when-will-bitcoin-peak-here-s-what-the-patterns-point-to

What does this mean?

Well, it may mean nothing, or it may mean something.

It may mean nothing because it could fall below that previous trendline at any point along the way and then these targets would all go out the window.

Just because it is above the past post halving bull market currently doesn't necessarily mean that it will stay that way.

On the slip side though, it also doesn't mean that it won't.

If you had to choose between being above the last post halving trend or below it, you would most certainly choose to be above it and the higher above it the better!

If we can continue to just hold that trend, we are looking at a price of roughly $200k by the end of next year.

If we continue to trend above it, like we are currently, well then that price target climbs higher.

My personal price target has been somewhere around $100k, but if this current trend holds up it's going to blow my target out of the water.

Which would actually make sense considering back in 2017 I was calling for a $10k top back when bitcoin was around $1k.

Well, as we saw back then, it went double what I thought it would go to.

Going off that same pattern this time around, $200k is starting to make more and more sense. :)

Stay informed my friends.

-Doc

Posted Using LeoFinance Beta



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13 comments
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This BTC bull run is really interesting and good thing is that alts are following suit. BTC might just exceed the 2017 all-time high of $20,089 before the year is over

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Remember all the hype back then and the news didn't even hold half the water it does today? I like how you mention that anything can happen. It is crypto and it's a good reminder. Still, it sure feels like the scale has tipped for BTC.

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It's getting more and more difficult to sit on my hands with each passing day...

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Good post

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Bullish comment

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Bitcoin going to make new highs today?

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Maybe. But what I meant was that when the makers of "nice post" comments come out of the woodwork, that by itself is a bullish sign.

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Haha, I see. Probably accurate as well.

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(Edited)

Its amazing, a couple of high profile firms got into Bitcoin and something happened that i suspected for a while would happen eventually. Companies hedge funds etc are being forced into crypto to stay competitive against their rivals, eventually this will filter right down to mainstream retail and viola Bitcoin will be cash/internet money in everyday life. At some point soon the average man on the street will need to do the same, they will have to buy in or see wealth evaporate. Big money/smart money knows this so they are front running them now. Steems SBD pump is also i suspect smart money, 32 million dollars worth of smart money, they know full well what is about to happen. People look and think wow thats dumb but that will turn out to be dead wrong soon enough.

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(Edited)

I am not sure this will force mass adoption, but I think we are going to see a massive rally fueled by institutions and eventually handed off to retail at the top. I suspect we will see smaller rallies within the context of one giant rally that peaks end of next year. The good news is that with all this money flowing in, and a lot of it is new money, it will almost be impossible for just about all of crypto not to moon. Just gotta figure out how to make sure HIVE gets included.

And yes SBD being pumped is an early indicator STEEM is going to pump in my opinion. A high SBD price has always pulled up the price of STEEM eventually.

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