Historical Pattern From 2017 Signals Bitcoin Price Crash To $35,000

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin is still playing out a series of price actions that look like they may be entering a deeper correction phase. A technical analysis shared on social media platform X by crypto analyst Chiefy suggests that Bitcoin is repeating the macro structures seen after the 2017 and 2021 cycle tops. If the pattern continues to unfold with similar symmetry, the projection is that Bitcoin could fall to as low as $35,000 within days. Bitcoin Imitating 2017 And 2021 Cycle Structures Chiefy’s chart compares three major peaks : the $21,000 high in 2017, the $69,000 peak in 2021, and the recent all-time high just above $126,000. The important trend is that in both of the first two cases, Bitcoin experienced severe retracements exceeding 70% before eventually finding long-term bottoms. Related Reading Why The Bitcoin Price Crash Toward $60,000 Was “Necessary” 20 hours ago The first retracement kicked off just after Bitcoin broke above $21,000 in 2017, when it fell 84% during the 2018 bear market. After the $69,000 peak in 2021, the decline reached about 77%. Chiefy described the fractal alignment as nearly perfect, raising the possibility that the market could be approaching another capitulation phase similar to past cycles. Source: Chart from Chiefy on X The current correction from $126,000 is beginning to resemble those earlier downturns in structure. If Bitcoin were to repeat a similar percentage drop, price projections would place the cryptocurrency in the $30,000 to $35,000 range. The analyst goes even further, warning that such a move could unfold within the next 10 days if the pattern were to play out as it did before. Weak ETF Demand And Whale Inflows Adding To Bearish Pressure Various on-chain data are pointing to a cautious outlook among crypto investors. According to Glassnode, the 30-day simple moving average of net flows for both Bitcoin and Ethereum spot ETFs has been negative for most of the last 90 days. This shows that there is currently no clear sign of demand strong enough to absorb the persistent selling pressure. Related Reading Historical Pattern From 2017 Signals Bitcoin Price Crash To $35,000 Just now Interestingly, CryptoQuant’s Whales Inflow Signal metric shows that the average monthly inflows of BTC to Binance from whales increased massively as Bitcoin fell from $95,000 to $60,000. These inflows rose from around 1,000 BTC in late January to nearly 3,000 BTC in February, with a notable spike of roughly 12,000 BTC on February 6 alone. Since February 1, seven trading days have recorded more than 5,000 BTC in daily inflows from this group of large investors. This type of movement shows an intensification of transfers to exchanges from large Bitcoin holders into Binance , a trend that undoubtedly contributed to the price crash. This is because rising exchange inflows are a reflection of increasing selling pressure. At the time of writing, Bitcoin is trading at $66,015, down by 1.7% in the past 24 hours. BTC trading at $66,326 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured Image from Pixabay, chart from Tradingview.com