Bitcoin Has Ralfed en masse In the past seven days by placing an impressive price gain of almost 9% after the climb from around $ 108,300 to almost $ 118,800. This movement was quite surprising, especially since the process saw Bitcoin clean up Previous of all time high From the end of May by breaking above $ 111,970.
But according to Bitcoin Technical Analyst Cryptocon, this outbreak Can just be the beginning. In a recent message on the social media platform X, Cryptocon revealed a long -term cyclus pattern that points to a more ambitious target price for Bitcoin.
Analyst reveals the Golden Number of BTC for this cycle
In A recent message about Social Media Platform X, Cryptocon revealed one Long -term cyclus pattern This points to a more ambitious target for Bitcoin. His analysis is based on the 5,618 Fibonacci extension, a number that he says it is perfectly tailored to every earlier Cyclustop. The projection opens the possibility or the current movement of Bitcoin marks the beginning of another parabolic run.
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The technical graph analysis of Cryptocon builds on the recurring 5,618 Fibonacci extension level in earlier market cycles. The analyst shows how the previous Bitcoin tops have fallen at a striking distance from this precise expansion by measuring the relocation of each market cycle and applying this gold ratio.
The graph shown below contains the peak of $ 30.84 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 card below, converged.
Now, with the help of the same approach in the current cycle, Cryptocon projected that the next big step for Bitcoin is somewhere between $ 170,000 and $ 180,000. In particular, the 5,618 Fibonacci extension to a “gold number” of $ 184,181 for the price of Bitcoin in this cycle.
Bitcoin -Price compression is about to expand violently
Various large forces seem to contribute to the recent increase in BTC in the last 48 hours. A Significant short squeeze Earlier in the week, it is said that more than $ 1 billion has wiped out in Bearish positions. At the same time, the Bitcoin ETFs established in the US registered more than $ 1 billion in the daily inflow in the past two consecutive days.
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In his X message, Cryptocon also gave up on the current state From the graph of Bitcoin: “All boring price action comes to a squeeze piece; it cannot stay that way forever.” This observation reflects the long period of tight, lateral trade between $ 105,000 and $ 108,000 that Bitcoin has experienced in the past two weeks.
At the time of writing, Bitcoin acts at $ 117,762, which recovers somewhat after reaching his most recent of all times of $ 118,667, according to Coingecko data. Other crypto analysts now see the $ 130,000 region as another zone of consolidation activity On the way to the possible Cycluspiek.
Featured image of Pixabay, graph of TradingView.com