The post Bitcoin mimics 2017 price trends: Is a bull run to $89K on the horizon? appeared on BitcoinEthereumNews.com.

Bitcoin’s price dropped by over 6% in the last seven days.  A few metrics hinted at a market bottom, but indicators suggested otherwise.  Bitcoin [BTC] witnessed a considerable price correction last week, sparking fear among investors. But things might take a U-turn soon, as there were chances of a trend reversal. This seemed to be the case as BTC was mimicking its 2017 price trend.  Bitcoin’s historical trend Investors didn’t make a profit last week as BTC’s chart remained red. According to CoinMarketCap, BTC was down by more than 6% in the last seven days, pushing its price once again under the $67k mark. At the time of writing, BTC was trading at $66,896.42 with a market capitalization of over $1.32 trillion. Meanwhile, Milkybull, a popular crypto analyst, recently posted a tweet highlighting an interesting development. As per the tweet, BTC was mimicking a trend that it followed back in 2017 before beginning a bull rally. The tweet revealed that BTC’s price was about to reach a market bottom, after which, if history repeats itself, BTC’s price might kickstart a bull rally. Additionally, an indicator was also showing a bullish divergence, just like in 2017. There was even more good news. AMBCrypto’s analysis of Glassnode’s data also revealed a bullish indicator. According to BTC’s Pi Cycle Top indicator, Bitcoin’s price was resting at its market bottom, and if a trend reversal happens, then it might touch $89k soon.  Source: Glassnode Is BTC preparing for a rally? AMBCrypto then checked CryptoQuant’s data to see whether metrics also hinted at a price increase. BTC’s exchange reserve was dropping, meaning that selling pressure on BTC was low.  Source: CryptoQuant Its Binary CDD was also green, meaning that long-term holders’ movements in the last seven days were lower than average. They have a motive…

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Filed under: News - @ June 15, 2024 11:26 am