• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Current Bitcoin Trend is Repeating the Bull Run to $20k in 2017, And It’s Mega Bullish

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin crypto echo bubble fractal price chart bull market run
Advertisement
Listen to Article

All throughout the tail end of 2019, as Bitcoin’s parabolic rally came to an end and the asset fell back into a six-month-long downtrend, the price action was so similar to the run-up to the 2017 all-time high, that the rally has been dubbed a “textbook echo bubble.”

Now, the recent bullish trend is showing similarities once again to the 2017 rally, suggesting that the downtrend could be over. At the same time, Bitcoin is forming yet another echo bubble-like fractal that could cause the asset to reach new highs.

Third Time’s The Charm: Is Bitcoin’s Echo Bubble Repeating Again?

Bitcoin is looking bullish once again, this time being dragged upward by the exploding altcoin market. In the past, alts capitulating en masse was said to be the cause for Bitcoin’s failure to reach a new all-time high.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | How Bitcoin’s Recent Downtrend Could Have Tripled Your BTC Stack

The price action taking place currently, however, is showing an incredible resemblance to not only Bitcoin’s parabolic rally in 2019, but also the crypto bubble bull run the took the price of the first-ever cryptocurrency to its all-time high of $20,000.

bitcoin price echo bubble fractalbitcoin price echo bubble fractal

Looking back at the price action taking place during 2017, the pattern very closely mimics the price action from the 2019 parabolic rally. It was this rally that put Bitcoin on the map and brought it into the public eye as a household name.

Overlaying the price action over the 2019 rally shows many similarities, as the image above depicts.

It was the 2019 parabolic rally that’s been dubbed an “echo bubble” by former IMF economist Mark Dow. Dow famously shorted Bitcoin’s top and rode it down to the bottom.

The most recent bull trend, however, is yet again showing similarities to both the April 2019 to June 2019 rally and the epic bull market of 2017.

bitcoin price echo bubble fractal

bitcoin price echo bubble fractal

By overlaying the price action from the 2019 parabolic rally over the current bullish trend, it yet again matches up eerily well.

But Wait, There’s Even More Similarities Between Each Fractal

Still not convinced by the similarities? When adding a long-term uptrend channel to price charts, and Bitcoin’s two recent downtrends, the uptrend channel could be viewed as a mean line. Each time Bitcoin corrects after a parabolic rally, it returns to the mean line before it repeats the process yet again.

Taking things a step further, applying horizontal resistance and support levels to the fractal match up extremely well with tests of the same support and resistance at the peak of the past two parabolic rallies.

bitcoin price echo bubble fractal

bitcoin price echo bubble fractal

Technical analysis isn’t cut and dry, and often is clouded by an analyst’s personal bias.

However, looking at the comparisons, it’s difficult not to think that Bitcoin is about to rally once again. And with the halving coming in the months ahead, there’s even a catalyst for another bull run.

Related Reading | Only 120 Days Remain Until Bitcoin’s Halving; Here’s What to Expect 

It’s worth pointing out, however, the third echo-bubble fractal, if it plays out exactly the same yet again, Bitcoin would fall short of setting a new high. The cryptocurrency would also instead be stuck within the same trading ranges we’ve spent much of 2019 in.

But if during the process Bitcoin can break above $14,000, a new all-time high will surely be right around the corner.

Featured image from Shutterstock
Tags: bitcoincryptoecho bubblefractal
TweetShare386
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

defi

11 DeFi Projects Rumored to Be Airdropping Tokens

2 hours ago
Nimbus: The Next Big Thing in DeFi

Nimbus: The Next Big Thing in DeFi

3 hours ago
ILCOIN

Age of ILCOIN: A Revolution in The Merger of VR With Blockchain-Based Gaming

5 hours ago
Bitcoin Heads Towards $35,000 as Biden Stimulus Hurts US Dollar

Bitcoin Heads Towards $35,000 as Biden Stimulus Hurts US Dollar

7 hours ago
ACDX

ACDX Introduces the World’s First Crypto Structured Product – A Hybrid of Perpetual Futures & Options

8 hours ago
MicroStrategy Boss: No-One Can Take Your Bitcoin, Not Even The Taxman

MicroStrategy Boss: No-One Can Take Your Bitcoin, Not Even The Taxman

9 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

There’s a New Bitcoin Wallet on the Line – Cryonik.io

January 25, 2021

Join PEAKDEFI – a Safer Way to Grow your Wealth

January 25, 2021

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.