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Bitcoin: Can BTC reach new ATH as crypto mirrors 2017 pattern
As the cryptocurrency market navigates the complexities of the ongoing bearish trend, a fascinating phenomenon is emerging. A striking similarity in Bitcoin’s (BTC) price trajectory to that of its 2017 rally has sparked considerable interest among enthusiasts and experts alike.
Recent data suggests that Bitcoin’s current cycle bears remarkable parallels with the historic bull run experienced during the latter half of 2017. At this point, it is essential to highlight that past performance does not guarantee future results, but the sheer magnitude of these patterns leaves little room for doubt.
The accumulation trend observed among a specific segment of investors, known as “shrimps,” has been steadily increasing over time. A closer look at wallet addresses holding more than one BTC reveals an astonishing 17,600 new coins added monthly, resulting in a substantial increase to their collective share – now accounting for approximately 6.9% of the circulating supply.
It is essential to note that this accumulation trend signifies investor confidence and sentiment, indicating that market participants are actively engaging with the asset. Furthermore, this development has significant implications for potential market performance moving forward.
As Bitcoin’s trajectory bears an uncanny resemblance to its 2017 rally, it becomes crucial to understand the context surrounding those events. This includes the halving event, where miners’ rewards were cut in half, leading to an influx of buying activity and a subsequent surge in price.
The data suggests that the same pattern is being replicated today, as Bitcoin’s current market movement follows the exact same trajectory as it did during this pivotal period in history. This bears significant relevance for investors and traders alike.
Data from CryptoQuant further corroborates this narrative by indicating a marked shift in sentiment among long-term holders of the asset. The Binary Coin Days Destroyed (Binary CDD) indicator, which tracks Long-Term Holder activity based on binary values of 1 and 0, suggests an unwavering confidence in Bitcoin’s future prospects.
As pressing time, the derivative market has also reflected this newfound optimism. A notable uptick in funding rates, culminating at its highest level since January 2nd, underscores the prevailing sentiment within the perpetual market – one that is decidedly bullish.
In light of these developments, it appears that Bitcoin is poised to embark on a profound rally. Should this trajectory continue, we can expect significant upward pressure on prices, potentially leading to a new all-time high (ATH).
While past performance does not guarantee future results, it’s essential to acknowledge the extraordinary parallels between Bitcoin’s current market movement and its historical 2017 counterpart. As such, investors must closely monitor these developments with caution, keeping in mind that any given asset can exhibit unpredictable behavior.
In conclusion, as we continue to navigate this turbulent landscape, one crucial aspect will remain constant – the need for continued vigilance and an unwavering commitment to educating oneself on the intricacies of blockchain technology.
Source: ambcrypto.com
