Bitcoin’s price history shows a pattern: each bull cycle ends much higher than the last. While this cycle has seen new highs, it’s still far from doubling the previous peak. But, some striking similarities to the 2017 cycle suggest a potential for significant further growth.
Mirroring 2017: A Chart Comparison
Crypto analyst Merlijn The Trader highlighted uncanny similarities between the current Bitcoin price action and that of 2017. Comparing charts, they identified key phases:
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The Bear Market’s End (Red Box): Both cycles ended with a breakout after some sideways movement, followed by a minor pullback.
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Accumulation Phase (Blue Box): This is where investors bought Bitcoin, anticipating a price surge. This phase lasted several months in both cycles.
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The Launch Phase (Green Box): This is where things got exciting in 2017. After this point, Bitcoin’s price more than doubled. The current cycle is now in this phase, hinting at similar potential.
Bitcoin’s Potential Price Target
If Bitcoin follows the 2017 trajectory, a doubling from the current level is plausible. This could push Bitcoin past $200,000, potentially even reaching $220,000, according to Merlijn’s analysis. The analyst anticipates some temporary dips along the way, quickly absorbed by further upward momentum.
The Timeline
The timeframe also aligns with the 2017 cycle. If the pattern holds, this price surge could unfold within the next three months, extending into 2026.
