Bitcoin Price Today: BTC Mirrors 2017 Pattern—What It Means For The Market

Bitcoin has moved sharply higher this week, topping $70,000 per bitcoin after the Federal Reserve made a surprise "admission."

Bitcoin price today, March 1: BTC mirrors 2017 price pattern as new all-time high on the horizon - latest crypto news

Bitcoin price soared to within touching distance of its all-time high on Monday, March 1, as a top Goldman Sachs executive hailed an "astonishing turning point."

Now, with U.S. Treasury secretary Janet Yellen issuing a huge $34 trillion warning that could trigger bitcoin price chaos, bitcoin has been seen to mirror a price pattern last seen in 2017—just before bitcoin's "parabolic" price run.

Bitcoin price today soared to within touching distance of its all-time high on Monday, March 1, as a top Goldman Sachs executive hailed an "astonishing turning point."

Now, with U.S. Treasury secretary Janet Yellen issuing a huge $34 trillion warning that could trigger bitcoin price chaos, BTC has been seen to mirror a price pattern last seen in 2017—just before bitcoin's "parabolic" price run.

Bitcoin price soared to within touching distance of its all-time high on Monday, March 1, as a top Goldman Sachs executive hailed an "astonishing turning point."

Now, with U.S. Treasury secretary Janet Yellen issuing a huge $34 trillion warning that could trigger bitcoin price chaos, bitcoin has been seen to mirror a price pattern last seen in 2017—just before bitcoin's "parabolic" price run.

Bitcoin price today soared to within touching distance of its all-time high on Monday, March 1, as a top Goldman Sachs executive hailed an "astonishing turning point."

Now, with U.S. Treasury secretary Janet Yellen issuing a huge $34 trillion warning that could trigger bitcoin price chaos, BTC has been seen to mirror a price pattern last seen in 2017—just before bitcoin's "parabolic" price run.Bitcoin price today, March 1: BTC mirrors 2017 price pattern as new all-time high on the horizon - latest crypto news

Bitcoin price soared to within touching distance of its all-time high on Monday, March 1, as a top Goldman Sachs executive hailed an "astonishing turning point."

Now, with U.S. Treasury secretary Janet Yellen issuing a huge $34 trillion warning that could trigger bitcoin price chaos, bitcoin has been seen to mirror a price pattern last seen in 2017—just before bitcoin's "parabolic" price run.

After a fleet of Wall Street ETFs hit the market and sent bitcoin price soaring to new all-time highs in 2021, bitcoin has continued to rally in 2022.

Fresh from hitting new multi-month highs last week, bitcoin price soared to within touching distance of its all-time high on Monday, March 1.

The world's largest cryptocurrency by market capitalization rose to above $70,000 per bitcoin on Monday, putting BTC back in sight of its record high of around $75,000.

"You're looking at the first breakout of bitcoin against M1 money supply since March 2017 when it went historically parabolic for 9 months," an anonymous bitcoin analyst posted to X alongside a chart that showed bitcoin's breakout and retest of a so-called Bollinger band as it last did in 2017.

Bollinger bands are used by traders to chart price and volatility trends while the M1 money supply refers to cash in the economy.

"Dramatic chart," closely-followed technical analysis trader Peter Brandt replied. "This chart is amazing."

After hitting all-time highs of around $20,000 in December 2017, bitcoin price went on to continue rising in early 2018, hitting highs of over $19,000 in January 2018 before starting a steep decline.

Bitcoin price fell sharply throughout 2018, hitting lows of $3,200 in December 2018, before starting to recover in 2019.

After hitting highs of over $14,000 in June 2019, bitcoin price fell sharply again, hitting lows of $6,400 in December 2019.

Bitcoin price recovered quickly in 2020, hitting highs of over $28,000 in December 2020, before starting to decline again.

After hitting lows of $24,000 in March 2021, bitcoin price recovered quickly again, hitting all-time highs of over $75,000 in April 2021.

Bitcoin price fell sharply again in May 2021, hitting lows of $30,000 before