The post Swissblock’s Head Macroeconomist Sets Timeline for Bitcoin to Target $115K to $123K appeared on BitcoinEthereumNews.com.

Henrik Zeberg, the Head Macroeconomist at Swissblock, recently provided a timeline for Bitcoin to target a new all-time high price.  He discussed this in a recent analysis on X following Bitcoin’s latest upward push, which saw it retest the $73K peak on Oct. 29. Zeberg’s analysis focuses on Fibonacci levels, and key market indicators to make the case for a substantial rally.  Bitcoin Fibonacci Levels and Target Zones The macroeconomist’s chart displays several important price levels. The report confirmed that Bitcoin currently trades within a prolonged consolidation phase, which has persisted since Bitcoin dropped from the all-time high above $73K in March. This consolidation phase features a downward sloping channel, suggesting that the bears had gained control of the market since then. However, Zeberg’s chart suggests a break above BTC’s all-time high could trigger the breakout from this channel. Bitcoin 1M Chart | Henrik Zeberg The chart identifies the Fibonacci 0.382 level at $71,471, which is important for Bitcoin’s price action, marking a re-entry into a key area near its historical all-time highs. Below this level, another crucial support zone is identified around $53,000, serving as a potential floor in case of a market correction.  https://x.com/thecryptobasic Timeline for Bitcoin to Claim Cycle Top If Bitcoin holds above this level, it may signal ongoing bullish momentum, but a breach could indicate a shift in market sentiment. However, if Bitcoin holds this support and instead breaks above the upper line, it could soar to greater heights. His report highlights the Fibonacci 1.618 level close to $115,000 as a probable top for this Bitcoin cycle following a breach. Reaching this target would represent a new all-time high for the premier crypto asset.  This would reinforce the idea that Bitcoin’s bull market might still have room to run. Zeberg believes this upward push could…

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Filed under: News - @ November 1, 2024 7:21 pm