If a fractal plays on the Bitcoin price lists, which fell after the previous consolidation, the cryptocurrency can continue to climb from here.
If the target follows a similar path, the target will set valuations of the highest cryptocurrency between $ 15,000 and $ 17,000 before peaking.
Bitcoin Erupts: What's Next Will Be Fast and Furious
Bitcoin price exploded in the heels of a new record-breaking gold earlier this week, and the government committed another $ 1 trillion in incentive spending.
Increasing the money supply has launched a flight to hard assets such as precious metals and cryptocurrency. Digital gold and its physical counterpart benefited from the recent weakness in the dollar.
Bitcoin wins its comparison with precious metal due to several important similarities. For example, gold has a limited supply and the cryptocurrency is digitally coded so that only 21 million BTC exists.
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This supply is slowly being deceived over the years. The amount of BTC released freely every four years is cut in half in an event called halfway.
There are several supply-based theories that attempt a future valuation of asset based on scarcity. Those who follow this belief expect the repetition of past cycles and existence to grow at the value of how the latest event occurred.
But will things really play the same way? A supposed trader has discovered a potential fractal this marks a peak well above the current levels. And it can be much faster than it is prepared for everyone.
BTCUSD 2016 Post-Halving Fractal | Source: TradingView
Half Fractal Targets Between $ 15,000 – $ 17,000 BTC in Less Than One Month
Analysts often look at past Bitcoin cycles to gain insight into the future price movement. A trader did just that, and a repulsive fractal came from the last block prize half. This happened in 2016 and sent Bitcoin to the biggest bull run ever.
According to technical analysis and basic data, the same can happen again now.
BTCUSD 2020 Post-Halving Fractal | Source: TradingView
According to the fractal, this pump can only be started and the recommended target is between $ 15,000 and $ 17,000. What is really shocking is the timing of the target.
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The fractal is proposing a fast and impulsive explosion to this level in the next few weeks and before the end of August.
Bitcoin Supply Percent Active 2+ Years | Source: glassnode
Other basic data show that the cryptocurrency is at a similar point in the market cycle. If this is the case, and if the rising values of the asset are caused by halving and digital scarcity, things can follow a similar path.
Fractals are a delicate subject among traders, so take the targets with a grain of salt.