Bitcoin's current market behavior is drawing parallels to its 2017 bull run, with analysts suggesting that the anticipated 'September dump' may not occur this year. Trader Rekt Fencer highlights that Bitcoin preempted the usual seasonal sell-off in June and August, forming a support range between $105,000 and $110,000. This mirrors the 2017 pattern when Bitcoin rebounded after an August dip, eventually reaching nearly $20,000 by December.
Fencer warns that bears might miss the next bull run phase if Bitcoin continues to follow the 2017 cycle, potentially targeting $160,000 to $180,000. Despite September's historical weakness, current market conditions indicate the correction phase may be over, suggesting Bitcoin could enter a vertical growth stage. Meanwhile, Metaplanet, a notable Bitcoin accumulator, has experienced a stock decline of over 50% since June, according to Bloomberg.
Analysts Predict Bitcoin's September Slump Unlikely Amid 2017 Cycle Repetition
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