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Home Price Analysis Are Bitcoin & Altcoins Doing Déjà vu of 2016-17 Bull Cycle?

Are Bitcoin & Altcoins Doing Déjà vu of 2016-17 Bull Cycle?

Situation Now

Currently Bitcoin is pushing the price target of $12,000 and many altcoins are jumping 100% or more. All global equities and crypto market are rising since the crash of March 2020.

Background

That crash of March 2020 was attributed to COVID-19 and governments from all over the world did follow-through by printing money to stabilize the economy.

Bull Cycle of 2016-17

The simple pattern of 2016-17 when crypto was in bull market is: Altcoins make the first move gaining 1x-10x after bitcoin halving of June 2016. However, bitcoin dipped below and got stable in that period at $500-$600. After only Nov 2016 Bitcoin pumped straight to $1100 zone. When this happened altcoins bleed. And this cycle of Bitcoin up/Altcoin down continued with Bitcoin down/Altcoin up for whole 2017.

Also Bitcoin made ATH of 19k USD in November 2017 whereas Altcoins peaked in 1st and 2nd week of Jan 2018.

Bull Cycle of 2020-21

We are currently experiencing Déjà vu. Bitcoin was so calm since 2020 May Halving till July. But Altcoins were rallying on the speculation of DeFi development. And when bitcoin broke through the price of 10.5k USD, it rocketed to 12.4k while altcoins bled deep. In this last couple of week, we find bitcoin stable at 11k above but altcoins are making another round of rally.

Altcoins up -> Bitcoin stabilize

Bitcoin up -> Altcoins bleed

If this pattern is true and if we confirm 4-year cycle of bitcoin, 2021 will be the year bitcoin makes all time high. 2016-2017 did not have COVID-19 situation. Now we have more than enough reasons in 2020-2021 that will trigger this bull cycle. Do you believe bitcoin will hit above $100k?

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Krishna
Krishna is an initial CDT member of RECAP blockchain network; a crypto enthusiast who has worked on multiple startups since 2013.
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