BTC similarities with pattern from 2016

[cryptovlek 2597]

For first time in years has Bitcoin been this high. In fact it was almost three years ago and only in January 2018 when we had prices of Bitcoin so high. Price is on the rise for months now and as we can see in the monthly chart from tradingview and the Bitstamp exchange it looks very bullish. 

 

Also it seems to be following the same pattern from 2014-2016 when the previous consolidation and accumulation period for Bitcoin was happening. In July 2016 it was the 2nd Bitcoin halving and in May 2020 it was the third. We are observing similar movement and I bring you the weekly chart for 2016 period and you can make comparisons.

 

Both charts are almost identical, perhaps 90% of the movements were the same for the years between 2014-2016 and 2018-2020. Now all that remains is to make a new all time high soon and a repeat of 2017 in the next year, and price of Bitcoin can reach up to $200,000.

 

 

[cryptovlek 2597]

36 minutes ago, Milii3 said:

I don't know much but I know in 2016 it seems that once the price of BTC went up a lot and now again in 2020 the price of BTC has gone up a lot.

And also in 2017 price started from the previous high of $1000 and ended to 20 times more. So this is something that gives us hope for a good 2021 if everything is confirmed as we see from the history repeat.

[Nezar 7169]

You are right when you check the charts well, we can notice the approximate match of the price movement, and this is evidence that the price will continue to rise until it touches $ 20,000 at the end of this year.

[Raqeebzy 6456]

BTC broke out to 35 months high today, after some rejections before. From the look of things and the chart you showed above, we are likely to see a very big break out towards $20'000. Very bullish signals and this might be the year for BTC.

[kryptonick 2659]

Fingers crossed Bitcoin will become again the headline in many news and will be what everyone will be discussing about. In 2017 it was everywhere for many months especially after the summer and until January 2018. A repeat will be great.

[cryptovlek 2597]

On 11/12/2020 at 4:56 PM, Raqeebzy said:

BTC broke out to 35 months high today, after some rejections before. From the look of things and the chart you showed above, we are likely to see a very big break out towards $20'000. Very bullish signals and this might be the year for BTC.

I think this is what happens. Price did not drop but held and it is weekend now with less volumes too. Maybe at Monday price will slowly start rising again. Perhaps it can drop but I also see $20,000 to happen the latest at the end of the year.

[Raqeebzy 6456]

26 minutes ago, cryptovlek said:

I think this is what happens. Price did not drop but held and it is weekend now with less volumes too. Maybe at Monday price will slowly start rising again. Perhaps it can drop but I also see $20,000 to happen the latest at the end of the year.

Trades and positions are being closed in weekends - that might explain a lesser trading volume. And also, the little dip in the last 24 hours or two days might be some little sell of profits. Now, you can see some increased volume and rise.

[Oxygen99 1930]

You are right on this my friend and this is happening due to the power of bitcoin project and i believe the price will keep rising untill the end of the year 2020, the value of bitcoin can hit $20,000 base of many expert predictions and since the coins have shown good improvement then i am suggesting we hold and be patient a bit.

[Projectcrypto 4382]

The market chart is currently showing good improvement and for that reason there is high possibility for bitcoin value to reach $17,000 soon and may probably reach $20,000 early of next year, so we should all excercise more patience with the market so that we can earn good profit to our various wallets when the value in increase higher just like few years back after the halving event.

[Sykkuno 2887]

There are many similarities and as in 2017 that the year started with a new all time high it can happen again in the end of this year or even sooner. Usually in December prices for Bitcoin are doing very good and the chart has been very bullish lately. Maybe it can be done in just a few days. I keep reading good news about Bitcoin potential that make me feel we are in course for the moon for 2021.

[Froshk 1828]

These s so through especially when you compare the rates and the graph 📊 movements but I believe these year will definitely be a bit better than 2016,the statistics are gradually beginning to add up!!! 

[annayks 2314]

There are many traders that noticed this and I am cautiously optimistic about Bitcoin's chances but it is evident from the chart that a movement to break the 20k ATH is possible in the next two months. Maybe we will see the new ATH in December or in January, meanwhile we enjoy the ride.

[cryptovlek 2597]

2 hours ago, annayks said:

There are many traders that noticed this and I am cautiously optimistic about Bitcoin's chances but it is evident from the chart that a movement to break the 20k ATH is possible in the next two months. Maybe we will see the new ATH in December or in January, meanwhile we enjoy the ride.

Maybe we will see a new ATH in this month too as price is already $17000. If we go to 20k very fast I expect a pullback then and volatility. Bitcoin has levels that follows and if we move too fast to a new all time high it can be dangerous.

[Fixfin 2569]

The patterns move identical with very few small changes but it seems that prices are 20x more in most of the candlesticks. It moves a little faster too and because of volatility and uncertainty many can change and it is now very close to the previous ATH that was at 20k. 

[Jandancoin 482]

There is nothing thus is indicating than one thing, in 2016 was this pattern and the price of bitcoin started to increase and it increased throughout 2017. This could be the likely what is going to happen as well have already seeing bitcoin price already increasing and can possibly increase than what we can imagine. 

[cryptovlek 2597]

On 11/17/2020 at 6:52 PM, Jandancoin said:

There is nothing thus is indicating than one thing, in 2016 was this pattern and the price of bitcoin started to increase and it increased throughout 2017. 

I am also waiting for another thing. Looking at the chart of 2016 when price reached the previous al time high it was rejected massively and went from $1100 down to $750 inside a week. This big rejection was met with support and price recovered the ATH again slowly almost two months later. Maybe this will also be repeated as Bitcoin has huge psychological levels as $1000, $10,000 and perhaps $20,000. Not saying to sell at $20,000 but for traders it could be a good volatility right there.

[cryptovlek 2597]

On 11/20/2020 at 7:19 PM, Ropa2030 said:

Bitcoin price will jump to get in 2021 and will jump over $ 30,000 in January. And with the end of the year, knowledge jumps into numbers that it expects.

Yes I think this is something that is in the charts. It did great and a big jump can happen that will make previous all time high look small. I have a lot of hope for the next year and enough patience to keep holding until Bitcoin delivers.

[yonkii 3205]

Now that you explained it, I looked at the previous charts I've found and it looks that there is a similar move. Of course anything can happen and a chart doesn't mean that everything repeats but perhaps we will learn in only a few months. Always invest with proper management though and don't get overexcited as we seen what outside events can do to all prices.

[Khan 1414]

On 11/12/2020 at 3:19 PM, Milii3 said:

I don't know much but I know in 2016 it seems that once the price of BTC went up a lot and now again in 2020 the price of BTC has gone up a lot.

It will still go up and the target is not achieved yet because the Price of the Bitcoin become very down in the last years and its still did not reach the first prediction of the $20,000 target.

[GanBin 705]

The similar patter us as a result of the halving, people like to put money into bitcoin after halving, that is why you still the candle stick green and market is favoring. After 2016 halving, this happened also because of halving buying mentality. 

[percare 3192]

We are close to the all time high, but according the the chart it is one month earlier. It doesn't matter though as the halving in 2020 was three months earlier so perhaps it is the importance of accumulation that happened after the halving and if there will be more interest and increasing too that will decisively shoot the price above 20k and we can hope for two or three months of more accumulation.

[JanBomCrypto 494]

On 11/30/2020 at 10:30 AM, GanBin said:

The similar patter us as a result of the halving, people like to put money into bitcoin after halving, that is why you still the candle stick green and market is favoring. After 2016 halving, this happened also because of halving buying mentality. 

I believe that too, the pattern is similar because bitcoin halve in 2016 and also halve in 2020. That is why the price has also be rising right from the 2020 halving and showing similar pattern. This can also be an indication that bitcoin will go beyond $20000. 

[cryptovlek 2597]

On 11/29/2020 at 8:45 PM, yonkii said:

Now that you explained it, I looked at the previous charts I've found and it looks that there is a similar move

It moves according to the previous chart with very little variance in the weekly candles. There was a small correction of 15% and a new all time high followed by a secondary correction of 10%. These two added may be the similarity to the big drop that happened in January 2017, but I still not sure. If a drop of 30% happens like that one then it will probably be bought in weeks again and then it is confirmed to follow the 2017 chart.

[Projectcrypto 4382]

On 12/15/2020 at 6:43 PM, cryptovlek said:

It moves according to the previous chart with very little variance in the weekly candles. There was a small correction of 15% and a new all time high followed by a secondary correction of 10%. These two added may be the similarity to the big drop that happened in January 2017, but I still not sure. If a drop of 30% happens like that one then it will probably be bought in weeks again and then it is confirmed to follow the 2017 chart.

Bitcoin has been showing positive response and just yesterday I saw the coin reading $21,000 plus in the Cryptocurrency marketplace for that I think 2016 will repeat itself this year and many investors will gain lot of profit to there various wallets.

[cryptovlek 2597]

6 hours ago, Projectcrypto said:

Bitcoin has been showing positive response and just yesterday I saw the coin reading $21,000 plus in the Cryptocurrency marketplace for that I think 2016 will repeat itself this year and many investors will gain lot of profit to there various wallets.

Better be careful of course as even in 2017 Bitcoin dropped too many times at a rate of 30%. This will happen again too, as it is part of the Bitcoin chart DNA. I just don't know when it will start dropping and looking at the chart to find some clue for this situation too. If 2017 is repeated it will go higher than $100k.