Analyst Says Bitcoin Price Could Do a 72% Upside, Can It?
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Bitcoin price action now sits at a critical juncture, with analysts saying its price could replicate historical bull cycles. A prominent analyst hailed Bitcoin’s chances of moving and surpassing the 1.618 Fibonacci Extension level, currently at $164,815.40. Usually, Bitcoin’s bulls break these extension levels during its bull market, acting as significant milestones in its price history. Bitcoin could gain between 72% from its present levels if we remain in the current market momentum. The 1.618 Fibonacci extension is where markets typically try to peak before buckling and heading into a correction. This level has proven to be a good indicator of each of Bitcoin’s bull runs of 2011-2013, 2015–2017, and 2018–2021. Analysts say Bitcoin is following a pattern with its history. If this extension turns out to be the next significant resistance, it will be a market cooldown. $BTC (Bitcoin), by every one of its past major bull performance, is looking highly likely to push and exceed its 1.618 Fib Extension level which is currently at $164,815.4! ANOTHER >72% BULLISH MOVE CAN BE COMING FOR BITCOIN, AT THE MINIMUM 💥 pic.twitter.com/NzITPbt9Ki — JAVON⚡️MARKS (@JavonTM1) January 11, 2025 Bitcoin’s rally started in 2017 after an ugly 2021 bear market. It has regained several important keys and reclaimed the $69,000 high mark from its last cycle. Although this progress has been made, the market is waiting for a decisive push to new all-time highs, and the 1.618 Fib Extension is the psychological and technical target for bullish traders. Resistance at $95K Continues to Challenge Bitcoin Price Although optimism is in the air over Bitcoin’s potential, its inability to overcome the $95,000 resistance level threatens to dash bullish momentum. In recent weeks, price action has become trapped someplace underneath this level, which acts as a psychological barrier and a technical ceiling. The rally…
Filed under: News - @ January 13, 2025 8:25 pm