Bitcoin Price Break Above $118,000 Just The Start, Analyst Unveils ‘Golden Number’ – Crypto News – Crypto News
Connect with us
Bitcoin Price Break Above $118,000 Just The Start, Analyst Unveils ‘Golden Number’ Bitcoin Price Break Above $118,000 Just The Start, Analyst Unveils ‘Golden Number’

Blockchain

Bitcoin Price Break Above $118,000 Just The Start, Analyst Unveils ‘Golden Number’ – Crypto News

Published

1 month ago

on

Bitcoin has rallied massively over the past seven days by posting an impressive price gain of nearly 9% after climbing from around $108,300 to almost $118,800. This move was quite surprising, particularly as the process saw Bitcoin clearing its previous all-time high from late May by breaking above $111,970.

But according to Bitcoin technical analyst CryptoCon, this breakout may just be the beginning. In a recent post on the social media platform X, CryptoCon revealed a long-term cycle pattern that points to a more ambitious price target for Bitcoin.

Analyst Unveils BTC’s Golden Number For This Cycle

In a recent post on social media platform X, CryptoCon revealed a long-term cycle pattern that points to a more ambitious target for Bitcoin. His analysis is based on the 5.618 Fibonacci extension, which is a number he says has perfectly aligned with every prior cycle top. The projection opens up the possibility of whether Bitcoin’s current move marks the start of another parabolic run.

Related Reading

CryptoCon’s technical chart analysis builds on the recurring 5.618 Fibonacci extension level in previous market cycles. The analyst shows how Bitcoin’s previous tops have fallen within striking distance of this precise extension by measuring the move of each market cycle and applying this golden ratio. 

Source: CryptoCon on X

The chart shown below features the $30.84 peak in June 2011, the $1,205 top in November 2013, the $18,702 high from December 2017, and the peak of $63,839 in November 2021. Each of these market tops, as shown in the Bitcoin multi-year price chart below, converged on the same 5.618 multiple from their preceding bear market lows.

Now, using this same approach in the ongoing cycle, CryptoCon projected that the next major step for Bitcoin is somewhere between $170,000 and $180,000. Particularly, the 5.618 Fibonacci extension points to a “Golden Number” of $184,181 for Bitcoin’s price in this cycle.

Bitcoin Price Compression Is About To Expand Violently

Several major forces appear to have contributed to BTC’s recent surge in the past 48 hours. A significant short squeeze earlier in the week reportedly wiped out over $1 billion in bearish positions. At the same time, US-based Spot Bitcoin ETFs registered over $1 billion in daily inflows in the past two consecutive days.

Related Reading

In his X post, CryptoCon also commented on the current state of Bitcoin’s chart: “All the boring price action is coming to a squeeze; it can’t stay that way forever.” This observation reflects the long period of tight, sideways trading between $105,000 and $108,000 that Bitcoin experienced in the previous two weeks.

At the time of writing, Bitcoin is trading at $117,762, retracing slightly after reaching its most recent all-time high of $118,667, according to CoinGecko data. Other crypto analysts now find themselves watching the $130,000 region as another zone of consolidation activity on the way to the possible cycle peak.

Bitcoin
BTC trading at $117,754 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

Related Topics:
Continue Reading

Trending