So many similarities
The crypto boom might be the crypto echo of the past.
Here is a chart showing the Bitcoin seasonal averages over the past 5 years, then 2020 and 2017, when Bitcoin went on its first big run.
What stands out the most to me is the rally early in the year, followed by a pullback in September and then a big run into year end.
Back in 2017, Bitcoin reached a crescendo in December with a 72% gain in the month. That was followed by a 29% decline in January and it took years to recover.
Could we be headed for a repeat? December is the second-best seasonal month and I can certainly see some FOMO kicking in with Bitcoin just a few hundred dollars from breaking the 2017 high.
Note that the peak in 2017 was on Dec 17 and it had rallied more than 90% MTD at that point. A 90% rally from here would be $36,000.
