Analyst Predicts Potential Bitcoin Cycle Top Targets Based on Fibonacci Extension Levels
According to CryptoPotato, a pseudonymous analyst known as Titan of Crypto has shared insights on the potential cycle top for Bitcoin, offering two conservative predictions based on historical Fibonacci extension levels. The analyst cited previous Bitcoin cycles and Fibonacci extension levels as the basis for their reasoning. The 1st and 2nd cycles of Bitcoin found their tops within or at the top of the 227.20% to 241.40% Fibonacci extension levels, while the 3rd cycle peaked at the top of the 141.40% to 161.80% Fibonacci extension levels. Considering the tendency for returns to diminish over time as markets mature, the analyst presented two potential cycle top targets: a range between $103,000 and $127,500 for the most conservative prediction and a target of $172,500.
Titan of Crypto acknowledged Bitcoin's current bullish sentiment, stating that the cryptocurrency could surpass these estimates. The analyst also shared how Bitcoin is heading toward the blue line of the Power-Law Corridor, a model that uses logarithmic scales to plot Bitcoin's price plus time. If it goes beyond that line, it will "go bananas." At press time, Bitcoin is trading at around $67,000, up 5.5% from yesterday and nearly 30% in the last seven days. The asset has recorded a meteoric surge in interest, propelled mainly by the approval of the Bitcoin Spot ETF, of which BlackRock's IBIT has amassed over $10 billion in assets under management. However, caution is also advised, as the $69,000 mark seems to be a significant resistance zone for traders.
