Source: Bitcoin BTC
Bitcoin is stuck at $31,000, but according to one trader, a price surge is on the cards, borrowing a leaf from history.
Other analysts have pointed to the four-year cycle in which Bitcoin always finds support before a breakout and the continued rise of retail traders.
At this point, almost every other analyst has given his prediction of a future price movement for Bitcoin. These predictions usually rely on extensive research, several charts, and years of experience in the market. However, what if it was as easy as looking at what Bitcoin did at this time last year? One trader believes it is, and that Bitcoin is about to embark on a parabolic run.
Bitcoin is today trading at $31,660, having made little movement in the past day. While there were fears that the bears would take over during the weekend and finally break the $30,000 support, BTC has held strong. The volume is 12 percent down, but all other metrics remain stable.
And while BTC is still down by over 50 percent from its all-time high, it’s still doing quite well compared to a year ago. At the time, it was trading at $9,100. Many predicted that it was on its way down and advised investors to take profits and flee.
A crypto trader who goes by “CryptoKaleo” on Twitter recollects the time, and on Twitter, he reminded traders that despite the bearish outlook, Bitcoin took off.
Just a reminder that one year ago everyone thought BTC looked terrible also. The sane thing to do was to take profit before it crashed back down below $6K even though the tech was running wild. It didn’t take long for the narrative to change.
“July 20 could mark a new beginning for Bitcoin”
CryptoKaleo recalled that the period from July 9 to July 20 was especially bearish-looking as Bitcoin seemed stuck at a range. However, starting on July 21, fate changed and it started going up.
BTC price chart courtesy of @CryptoKaleo
While the trader is aware that history doesn’t always repeat itself in the exact same way, he believes “it often rhymes.”
The trader isn’t alone in his conviction that BTC is on its way to recovery, and then some. Yet another popular Bitcoin and Litecoin trader and analyst has predicted that the crypto is headed to $300,000 by the end of this year.
According to the trader, who also operates Bitcoin and Litecoin resources, Bitcoin has been finding support at the 1.618 Fibonacci level every four years, specifically in July.
Bitcoin finds support at the 1.618 Fibonacci in July of 13, 17, 21 (4 years apart!). The trend would show that Bitcoin will have a top in December of 21 at ~300k.
BTC chart courtesy of @MASTERBTCLTC
There are those, like on-chain analyst Willy Woo that have pointed to an ever-increasing retail presence in the industry as the basis for their belief that a bull market is about to commence.
