The price of Bitcoin has been on a steep upward trajectory since November 2022, and it appears to be on course to reach $200,000 in the near future.
Should the price drop below $32,000, this outlook would be invalidated.
The current surge towards $200,000 is consistent with patterns observed in past fifth subwaves, where the price typically meets the blue trendline in a sharp, upward movement.
The question now is whether Bitcoin will experience its price surge before the upcoming halving event. Historically, significant price movements beyond the 78.6% Fibonacci retracement level of the prior bear market were only seen after halving events. However, this time, the price has already surpassed this key level, suggesting a potential for rapid growth.
Furthermore, this trend coincides with a growing appetite for risk in the financial markets, nearing levels of fear of missing out (FOMO) among investors. Since late 2021, there has been a notable correlation between Bitcoin and the S&P 500, with the latter reaching new all-time highs for several consecutive weeks.
