- Analyst marks how Bitcoin is repeating its 2017 crash setup.
- The price of BTC may be experiencing one final flush before a pump.
- This final pump could propel the price of BTC to an epic new ATH price.
The price of the pioneer crypto asset, Bitcoin (BTC), has been falling steadily since yesterday, leading to billions in long trades liquidating rapidly. In detail, the price of BTC fell to $114,000 and then again to $111,000 today. Based on its recent price movements, Bitcoin is repeating its 20217 crash setup, preparing for a final flush before the final parabolic price pump, which could mean 1 more ATH target before altseason’s arrival.
Bitcoin Is Repeating Its 2017 Crash Setup
Yesterday, the crypto market saw over $1.5 billion worth of longs liquidate as the price of BTC fell to the $114,000 price range. Today, the price of Bitcoin dipped further to the $111,000 price range, leading some analysts to believe that market makers are aiming to liquidate billions more at certain lower price targets. Either way, most analysts believe the price of BTC may fall slightly more before it can rally and set a new ATH price soon.
This expectation seems on track with the earlier prediction for the month of September to close in a bearish red. Usually, the month of September is a trying month for the crypto market as it tends to send both BTC and ETH into a heavy correction state before rallying and setting new ATH prices in the following Q4 phase. However, with BTC’s steady performance this month, some predict a rare green close for September.
Presently, analysts are keeping a close look at the BTC price chart to determine when and how low the price of BTC will dip before a rally. This line of thought has led analysts to expect BTC to dip as low as $106,000 and $108,000 by the end of September. One analyst believes BTC will fall as low as $90,000 to close a CME Gap before a possible rally could even begin to make its move.
Final Flush Before Parabolic Pump
On the other hand, some are drawing comparisons between the price of BTC and its pump action at the moment to that of Bitcoin’s price action in previous bull cycles. One analyst believes that the pioneer crypto asset is working its way to completing phase 5 of the same pattern that it pulled in 2017. He says that Bitcoin has already completed the 4 phases and still has one more pump in it.
As we can see from the post above, the price of Bitcoin (BTC) has been printing the same setup as its 2017 crash. The analyst in the post states that the crypto market is seeing the same 5 phases unfolding by BTC with the same curve and the same psychology playing out. If this pattern will continue to play out, then the data points to one final flush coming next, meaning a last parabolic price pump before the bull market BTC pump ends.
