Биткойн (BTC) has the potential to push its prices to between $250,000 и $350,000 к концу 2021, a long-standing fractal suggests.

First spotted by pseudonymous analyst Bit Harington, the bullish setup drew its inspirations from Bitcoin’s secular bull runs every time after halvings when the miner block reward gets cut in half. Analysts perceive the halving as a bullish event, which reduced the supply of newly mined BTC.

Harington reminded that Bitcoin’s prices surged by more than 600% after the first two halving events in 2012 и 2016 when measured from a so-called resistance/support (R/S) линия, как показано в таблице ниже.

Bitcoin price performance after the first two halving events. Источник: BuyBitcoinWorldWide, План б, and Bit Harington

The line represented a barrier during the period of price uptrend. Traders tested it for a breakout multiple times before successfully breaching it to log a new record high. When prices started correcting, they eventually bottomed out near the same line.

В 2020-2021, Bitcoin underwent a similar upside trajectory, bouncing from below $4,000 to rising to above $60,000. Очередной раз, Harington highlighted the $60,000-level as the same R/S line that kept trades from logging a clear bullish breakout.

The analyst hinted that Bitcoin would break above it to soar towards a new record price level.

Cointelegraph Markets analyst Michaël van de Poppe reacted to Harington’s fractal theory, adding that it would lead the Bitcoin prices to the $250,000-$350,000 спектр.

Он отметил, тем не мение, that the massive run-up could also prompt a brutal correction that can push Bitcoin prices back toward $65,000, right near the Harington’s S/R level of $60,000.

Do fundamentals agree?

Bitcoin skyrocketed after crashing below $4,000 в марте 2020 primarily due to the global central banksloose monetary policies to curb the economic aftermath of the Covid-19 pandemic. The cryptocurrency closed the year at around $30,000, as retail and institutional investors woke up to its safe-haven narrative against a falling U.S. dollar and rising inflation fears.

So far in 2021, the price of Bitcoin topped around $65,000 before correcting lower below $50,000. At its year-to-date (C начала года на сегодняшний день) низкий, the pair traded for $29,301 on the Coinbase exchange. Its losses were led by a sudden ban on all crypto activities in China (including mining) and Elon Musk’s alarming tweets over Bitcoin’s booming carbon footprints.

Bitcoin price performance throughout the history. Источник: TradingView.com

BTC balance on exchanges drops to fresh lows

The cryptocurrency held prices above $30,000 as its reserves across exchanges dropped significantly.

Blockchain data analytics service CryptoQuant reported that Bitcoin’s balances across the crypto trading platforms slipped to around 2.37 million BTC last week, its lowest in more than a year.

Bitcoin reserves across all exchanges. Источник: CryptoQuant

A decrease in Bitcoin reserves represents tradersintentions to hold the cryptocurrency instead of trading it for altcoins and fiat currencies.

Bitcoin hashrate has nearly recovered

Bitcoin’s recovery from below $30,000 почти $50,000 also coincided with its V-shaped hashrate recovery.

Связанный: Цена BTC снова упала до $ 47 000, так как закрытие недели четко отслеживает разрыв фьючерсов на биткойны.

For the uninitiated, the Bitcoin network’s computation power plunged to 84.79 million terahashes per second (TH/s) in early July from 180.66 million TH/s in late May. The drop surfaced as many miners responded to China’s crypto crackdown by either shutting down their facilities or moving their operations abroad.

The seven-day average Bitcoin hashrate in recent history. Источник: Blockchain.com

But the network recovered more than half of its lost hashrate, удары 136.92 million TH/s on Sept. 18, indicating that China’s direct ban did not have a prolonged effect on Bitcoin’s mining sector.

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