TL; DR
Full story
Bitcoin’s ‘golden fib’ level we talked about yesterday?
(The $48,550 level).
BTC simply passed it and broke $50,000 – making it the first time in Bitcoin history that the golden lie level was broken before the halving.
“Okay, that’s cool…why should I worry?” – you probably.
Think of breaking the .618 fibonacci level (also called the “golden lie”) as a starting pistol. Historically, once Bitcoin gets going, it moves, first recovering its previous all-time high and then moving into “price discovery.”
(Aka ‘Holy hell, we’re in uncharted territory now – all bets are off! How high can this thing go??’ mode).
Usualthe golden lie is only broken after the halving (which is supposed to take place at the end of April), but thanks to all the buying pressure from the Bitcoin ETFs, it has been broken prematurely for the first time ever.
Need some more context?
Here’s ours bull market checklist so far:
-
Bottom of the bear market (happened in late ’22) ✅
-
Reaccumulation (Jan-Sep ’23) ✅
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Price increase before halving (started Oct ’23) ✅
-
Golden lie is touched, but not broken (07 Jan ’23) ✅
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Price crashes 🛑
-
Rebuilds 🛑
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Golden lie is broken ✅ (Feb 12 ’23) ← 🗺️ WE ARE HERE
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Recaptures previous all-time high
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Price discovery
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Market tops
Look how we just skipped 5 and 6 (the painful steps)? Pretty neat!
Next on the list is $69k (fingers crossed).