We have talked about Bitcoin (BTCUSD) hitting the $100k Target on numerous analyses and one of those was almost 4 months ago (August 26, see chart below), where we introduced the 2-year Channel Up, which has been the dominant pattern since the very beginning of the new Bull Cycle:
That piece of analysis was on the 1M time-frame but today we will examine it from the 1W perspective as the horizon narrows. We have made some slight modifications and the one that stands out is that we've classified it on Expansion Phases.
The key characteristic of those was the mid-Phase consolidation, which on the previous 2 took place within the 0.382 - 0.5 Fibonacci range, while the 1W RSI also turned sideways for the first time since the Channel Up bottomed.
With this marker, the consolidation phase is easily identifiable and according to it, we are currently on once. As a result, we can assume that we are within the 0.382 - 0.5 Fib range of Expansion Phase 3. This indicates that there is still plenty of room to rise. Based on that, a $150k Target is technically plausible before Summer.
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