Bitcoin 2021 Vs Bitcoin 2017: How The Bull Trends Are Similar And Different

Bitcoin Bull Run Explained from A to Z

  • Bull Run Comparison Between Bitcoin in 2021 and 2017
  • Similarities between Bitcoin’s uptrend in 2021 and 2017
  • Differences between Bitcoin’s uptrend in 2021 and 2017

Bitcoin, Cryptocurrency, Virtual, Money

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The World of Cryptos and Bitcoin: an Introduction

Bitcoin is again making headlines in the financial news. After a strong bullish run in 2016 and 2017, the cryptocurrency giant went into a winter sleep for a few years. 

But since the 4th quarter of 2020, the world’s largest cryptocurrency in terms of total market value is fully awake again and roaring out loud.

Between October 1, 2020 and the end of May 2021, Bitcoin has managed to evoke joy and fear again in a very short time frame. For both the largest Bitcoin supports and its largest critics.

Most traders are asking themselves this: how long can this 2021 bull run keep going when comparing it to the 2017 uptrend? 

In this article, we try to answer this question. But we also make an attempt to compare the 2017 and 2021 bull runs with each other. What are the similarities and differences? Let’s find out.

Bull Run Comparison Between Bitcoin in 2021 and 2017

Record after record was set when Bitcoin was moving up higher in 2017. The uptrend actually already started around October 2015 according to our definition of a trend. 

The 2017 Bitcoin bull run lasted till December 2017 for a full 2 years and 3 months (total of 27 months). Most of the weekly candles closed for a higher high (see image below).

The BTC/USD uptrend tested and bounced at the 21 ema zone of the weekly chart for a total of 6 times. The 7th attempt to test the 21 ema indicated the end of the uptrend.

In 2017 Bitcoin grew 121x in value, from a low around $160 to a high at $19,357.

Now let’s compare the 2017 bull run with the current one:

  Bitcoin 2017 Bitcoin 2021 (20 May)
Multiple of high vs low 121.2x
($19,357 vs $159.70)
20.7x
($64,736 vs $3,122)
Time length of bull run 27 months 13 months
Number 21 ema bounces on weekly chart 6x 2x

As you can see in the above table, the 2021 Bitcoin bull run is in many ways still modest compared to the 2017 Bitcoin bull run. 

If the 2021 uptrend on Bitcoin were to stop right now, right here, then it would be substantially smaller than 2017. In fact, the most recent pullback on the weekly chart that took place on 17-20 May 2021 was only the second test of the 21 ema zone since the uptrend started in mid March 2020.

The 2021 Bitcoin Bull Run: Potential Scenarios

If we assume that the 2021 Bitcoin uptrend would be equally strong as the 2017 uptrend, then the uptrend could develop as follows:

  Bitcoin 2021 uptrend remaining (May 21)
Multiple of high vs low 121.2x * 3,122 = $378,386
Time length of bull run 13 months – till +/- June 2022
Number 21 ema bounces on weekly chart 4x remaining bounces

If the 2021 Bitcoin uptrend were to be equally strong in relative terms as the 2017 Bitcoin uptrend, then price action could reach a whopping $378,386 around June 2022. Price action could also retest the 21 ema zone on the weekly chart another 4x times.

Most price target estimates on Bitcoin in 2021 are however much more conservative. Many of the predictions are aiming at $100,000 to $150,000. Some even mention $250,000. But higher targets are usually associated with dates further into the future, like 2024-25.

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