Bitcoin price fractal from 2017 suggests BTC bull run towards $100K

Bitcoin, Bitcoin price fractal from 2017 suggests BTC bull run towards $100K

ASSAM (CoinChapter.com) — Bitcoin’s journey from prices below $30,000 in July to above $60,000 in November signifies that the trend is still bullish. According to the recent tweet by a well-known analyst with the username @Mozzi, the current trend for Bitcoin represents the same candlestick pattern as the one in 2017. 

BTC/USD daily price chart. Source: TradingView
BTC/USD daily price chart. Source: TradingView

Predicting a bullish outburst soon, the analyst claims that if Bitcoin continues to follow the price fractal from 2017, “then the next uptrend [may] start early Nov.”

In detail, the BTC price jumped from over $5,100 to $5,800 in the last two days of Oct 2017. This was followed by two bearish candles, eventually triggering a bullish continuation setup as traders bought the dip. Meanwhile, Bitcoin experienced the same fracta in Oct 2021, as its prices jumped from around $55,500 to about $61,300 in the last two days of the month.

BTC/USD daily price chart. Source: TradingView
BTC/USD daily price chart. Source: TradingView

The move followed the formation of three bearish candles starting in November. 

The striking similarities between the two trends, one in 2017 and the other in 2021, indicate that a strong rally towards $100,000 is quite possible in early November. 

JPMorgan called $35K Bitcoin’s fair value

JPMorgan Chase, the investment banking giant, revealed in its inaugural outlook centered on alternative investments that Bitcoin and other cryptocurrencies will outperform in the year 2022 as well. 

However, the strategists further stated that Bitcoin’s “fair value” is $35,000, which is nearly 45% lower than the current price of BTC. If the king of cryptocurrencies is able to continue this price action, a price of $73,000 seems to be a reasonable target, they added.

However, this is a bearish prediction compared to other analysts who stay firm that BTC will reach $100,00 in a few months. 

“This challenges the idea that a price target of $100K or above, which appears to be the current consensus for 2022, is a sustainable Bitcoin target in the absence of a significant decline in Bitcoin volatility,

JPMorgan said.

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