In my timezone it is Sunday Night, but in Asia it is Monday Morning and it seems like Asia is wanting BTC today. I usually say Sunday Evening sets the tone for the week in crypto price trends. The current price of BITCOIN is $65,208 on Bittrex trading against USD. The All Time High (ATH) is $66,997 or could just be rounded to $67,000.
For those who buy into the idea that crypto prices tend to lean towards a four year cycle the thought is November and December will be strong months ending with BTC near $120,000. I am not married to that cycle, but I do think there are a lot of reasons to think BTC could end the year on a strong upwards move.
From $900 to $20,000: Bitcoin's Historic 2017 Price Run Revisited
image.png
In the article above we revisit the time line of the 2017 run taking Bitcoin from $900 to $19990 and ended with a stunning 30 percent crash. I think most of us remember the bear season that followed. lol.
While the market space has changed a lot many believe we will repeat that cycle, and there does seem to be a lot of similarity between the price cycle of 2017 and this year.
The signs to look for are a parabolic rise in BTC prices followed by a heavy dump, until I see those signs, I am just going with BTC is gaining corporate adoption.
ETH
An interesting side effect will be ETH. It would be hard to call ETH an alt anymore in any other terms than, ETH isn't Bitcoin, but it's a busy, active blockchain with many functioning projects that are not just going to stop functioning because BTC goes on a run. Many are calling for $10k ETH, and that would be fine with me.
There is so much more action in crypto now than in 2017, with DEFI, NFTs, games like Splinterlands, I do expect the overall market space to respond to this run differently.
So, look for the signs, but don't expect it to play out exactly the same with everyone FOMOing into BTC, while the rest of the pack crashes.
In any case the next 2 months should be very interesting and remember to enjoy the Bull Season while you can. The down side to the four year cycle, is that if that is what we are experiencing, it is coming to a close.