- In 2017, the asset was corrected at $399.84 in mid-November.
- CVO Crypto expects the asset will drop to $3979.
Considering the nature of cryptocurrency markets, a $3 trillion market cap is more likely to be on the floor. After the long bull run, the market leaders take a break. The latest bear market seems temporary, as the top two cryptocurrencies revert to the 2017 correction phase.
The latest correction in Bitcoin‘s price validates the 2017 bull run’s continuation. In 2017, the asset retested $5,700 in mid-November before surging to $20,000 in an instant bull run. But the current correction confirmed the same fall four years ago.
Critical Key Levels
The price of Bitcoin dropped from $66.5k to $56.4k, a 10% drop. If the asset fails to rebound from $56.529k, CVO crypto expects it to retest $53.086k. The decisive breakthrough would lead to $69.280k, and the price would rise to $75k if the rising channel held.
Ethereum, Bitcoin’s equivalent, follows suit. In 2017, the asset corrected at $399.84 in mid-November before rising to $1,000 in early 2022. But the altcoin suggests a similar pattern. CVO Crypto expects the asset will drop to $3979 before rising to $7,714. He expects the asset to achieve $11k by January 2022. To validate the bull run, the asset must break below $4k.
The price corrections of Bitcoin and Ethereum follow the 2017 retest period, and the pattern’s continuance would result in a dramatic price increase. Crypto enthusiast Ran Neuner is bullish about the forthcoming bull run, and his analysis shows a continuous increase in Bitcoin addresses with balances above $10k. Instead, market leaders would suffer a severe correction if significant bottoms were not held.
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