'Near Identical To August 2017' Is Current BTC Chart As Bitcoin Snaps Back After Slight Dip

Bitcoin prices are going haywire. The market valuation of most coins is going up and down. Fluctuating heavily are the prices of most crypto assets

'Near Identical To August 2017' Is Current BTC Chart As Bitcoin Snaps Back After Slight Dip

Bitcoin Price Movement 

After tumbling a hair downwards during Sunday evening’s trading sessions, digital currency prices are on the move again. The price of bitcoin dropped -7.64% after touching a lifetime price high at $49,715 and then slid to $45,915. BTC has regained some of the losses as it jumped northbound 4.62% as the trading session entered into Monday. 

Crypto Markets Shrug Off the Recent Dip

After a few crypto assets touched new all-time highs, bitcoin and a slew of digital assets saw some significant losses yesterday. It hasn’t managed to cross the price zone yet as BTC has been awfully close to the psychological $50k region. Tumbling downward after reaching that point, on Sunday the price came really close at $49,715 per unit. 

BTC is back up to the $47,800 to $48,150 region once again but prices are still down 1.8% after sliding below the $46k zone. Which is swapping for $1,809 per coin, the second-largest crypto asset in terms of market valuation is Ethereum. Managed to regain much of the losses, ETH tumbled yesterday to a low of $1,710 per unit. 

Back up to $0.87 per ADA is Cardano sliding to $0.78 per token? Now swapping for $28.50 during Monday morning’s trading sessions, Polkadot hit a low of $25.11 yesterday. Bitcoin cash is up 2.77% and holds the ninth largest market cap as XRP, BNB, and LTC are all down a couple of percentages. 

Having a $13.4 billion market cap, bitcoin cash is currently trading for $719 per coin. Which is exchanging hands for $33.86 per unit, the tenth-largest blockchain in terms of valuation is chainlink. 

‘Today’s Bitcoin Chart Is Near Identical To August 2017’ As Jack Purdy Says

People are pondering if we are nearing the bull run’s top while many traders are discussing a few crypto markets reaching new ATHs. When BTC reaches the $50k zone, it should surpass it quite easily according to Civic founder Vinny Lingham on February 11. 

Lingahm then tweeted, that he thinks bitcoin blows through $50k on the first attempt whereas it is just a hunch. 

He referred to a chart shared by Jack Purdy comparing the August 2017 BTC/USD chart with the current 2021 BTC/USD chart in another tweet that Lingham shared on Monday. 

Purdy then asked, near-identical to August 2017, it's pretty mind-blowing that the bitcoin chart is. For what happened next, does anyone need a refresher? 

Adding to it, Lingham said, of course, this isn’t a bubble as yet the next bubble is still coming. 

A Healthy Correction And Regrets

It was a perfectly normal correction as Etoro’s Simon Peters said that even though BTC dropped in value after the peak. Peters told in an investor note on Monday that propelling the price to a new peak bitcoin climbed once more over the weekend with strong buying on Sunday. 

Peters then continued that to finish at yesterday’s peak, bitcoin rose more than 25% during the week. The analyst then added the following, after a series of major announcements from companies including Tesla, the price boost came. With many of the leading names in banking and finance announcing similar plans to integrate crypto assets, Tesla’s move sparked further announcements from other industries last week. 

Further stating Peters said:

This is normal as some investors opt to take profits having peaked overnight as bitcoin pulled back marginally Monday to around $47,000. 

Coming to fruition this year, meanwhile, it doesn’t seem like the Chinese New Year crypto dump. Investors took profits and stepped off into the side-lines temporarily but are now back after prices were looking overheated. To some investors who missed the train, the fact that BTC prices are where they are today is still quite surprising. Assad Tannous the head trader and founder of Asenna Capital, for instance, told his 95,000 followers a regretful statement that comes to be the following:

Tannous tweeted that bitcoin would end in tears at $10k. He was right as he doesn’t own any and he could cry. 

What Is The Aftereffect On Bitcoin Investments? 

Bitcoin is key in determining the market valuation of many of the alternative coins. Be it Ethereum, Cardano, Polkadot, or chain-link, it is here that we see the effect of the market valuation. Many people investing are now sceptical as to how it would turn out to be in the future.

We find more evidence to the likelihood of bitcoin entering the crypto space again and remaining the best when it comes to crypto assets. 

For more on bitcoin let’s watch the market to determine where they are headed. Bitcoin or no bitcoin, we have much to keep watch of. The crypto world comes to be the best when it is charting the price movements of the crypto assets 

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