Bitcoin has undergone a strong rally over the past few weeks, pushing as high as $16,500. Analysts are starting to fear that a correction is due, though.
One crypto-asset analyst recently shared a fractal showing that the cryptocurrency is trading in a remarkably similar way to how it did during the 2017 highs at $20,000. This fractal analysis predicts that a drop to $14,000 will take place in the weeks ahead.
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The crypto-asset analyst that predicted Bitcoin would drop to $9,800 in September is now suggesting that another retracement might be due.
The chart shows that Bitcoin’s recent price action looks extremely similar to how it looked at the $20,000 all-time high. This correction could take Bitcoin toward $14,000, the chart shows, if the fractal plays out to a T.