A 60-day bull run increased prices by a whopping 1,000% for BTT.
The market value of Bittorent Token (BTT) dropped to $272 million in January 2021.
On-chain and technical analysis of Terra’s LUNA price exhibit striking similarities to the bottom of BitTorrent Token in 2021, which triggered the notorious 10x bullrun. Older investors have lost a fortune, while fresher investors are trying to revive and make a profit.
The current price of Terra in LUNA is $1.67. The Relative Strength Index (RSI) had also levelled out, indicating that neither bulls nor bears are driving price action. But there was a recent upswing and the price climbed all the way up to $1.79.
LUNA/USDT: Source: TradingView
Repeat of Similar Bull Run?
There was a similar sell-off of the BitTorrent token in August of 2020, and crypto traders may remember it. From about the middle of August 2020 to the beginning of January 2021, the BitTorrent firm was rocked by controversy. With the BTT token trading at $0.00000001 SATs and the Relative Strength indicator remaining unchanged, investors gave up hope.
The market value of Bittorrent Token (BTT) dropped to $272 million (half of LUNA’s current value) in January 2021 before seeing a similar one-day surge in activity that momentarily pushed the value of BTT to $ 1.18 billion in February 2021. This gradual increase in volume followed many days of stability, and it ultimately sparked a 60-day bull run that increased prices by a whopping 1,000%.
As of the end of 2021, BTT increased in value by more than 800% during the course of the year. The majority of these advancements, however, occurred in the first half of the year. In the last half year, it has only increased by 15%. If LUNC could pull off something similar then it would be great for investors who have place their trust in Terra after the May catastrophe.