Bitcoin ‘heavy breakout’ fractal suggests BTC price can hit $250-$350K in 2021 By Cointelegraph

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Bitcoin ‘heavy breakout’ fractal suggests BTC price can hit $250-$350K in 2021

(BTC) has the potential to push its prices to between $250,000 and $350,000 by the end of 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.

Bitcoin price performance after the first two halving events. Source: BuyBitcoinWorldWide, PlanB, and Bit Harington
Bitcoin price performance throughout the history. Source: TradingView.com

BTC balance on exchanges drops to fresh lows

Bitcoin reserves across all exchanges. Source: CryptoQuant

Bitcoin hashrate has nearly recovered

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