(Bitcoin price as at 3/5/17)
I have mentioned in previous posts that the reference point for Bitcoin's cycle this time round is perhaps not 2021 as the pandemic was still disrupting the global economy including the cryptosphere back then. So I would prefer to rely on the previous cycle, which means looking at 2017 in more detail.
The above trading chart shows Bitcoin's price as of 3rd May 2017 at just under $1500, at this point back in that cycle the Bitcoin price represented the start of some significant vertical movements and this continued throughout May and into the summer as you can see.
Now let's take a look at where we are right now.
(Current Bitcoin price)
This month Bitcoin has once again started to climb and right now sits at $103,500, representing a more or less identical movement to 2017. So are we about to see Bitcoin continue its climb in line with 2017? That would be great and right now I am encouraged. If we can get Bitcoin to around $115-120k perhaps we will finally get our much wanted altseason.
Keep those fingers crossed!
Peace!