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The analyst calculated that ahead of the halving, the price of Bitcoin could rise to $81,000. Bitcoin began March on a high note, surpassing the support zone at $60,000 and reaching its highest monthly close since October 2021. In early February, Bitcoin surpassed the Fibonacci level of 0.382 on the weekly chart for the first time since June 6, 2022, which the expert noted as crucial from a cyclical perspective.
Applying the Fibonacci channel to the previous cycle, Trading Shot observed that every time Bitcoin exceeded the 0.382 Fibonacci level in the past cycle, it also reached the 0.5 Fibonacci level. This observation is significant as it has already been realized. Interestingly, the time it took for Bitcoin to reach the 0.5 Fibonacci level after reaching the 0.382 Fibonacci level in these instances was seven weeks (49 days) and eight weeks (56 days).
If this pattern repeats exactly, the analyst calculated that the target week will be April 1, 2024, when BTC could reach $81,000. However, if a breakthrough occurs earlier, the range could vary from $78,000 to $81,000.
The market is ready for a parabolic rally amid prevailing bullish sentiments. Trading Shot speculated that the cryptocurrency market may be entering the most aggressive phase of the current cycle. The 1w CCI indicator suggests that we may be closer to the November 2020 fractal than the May-June 2019 fractal (which was driven by the Libra euphoria). This indicates that we may currently be at the beginning of the most aggressive part of this cycle - a parabolic rally.
The current price of Bitcoin is supported by significant demand for ETF products, with investors increasingly betting on BTC reclaiming its record high of $69,000. As of March 1, the total volume of spot Bitcoin-ETF reached a record level of $73.91 billion, following several weeks of consecutive growth. T
On the evening of March 2, the price of Bitcoin was valued at $62,000 with a daily loss of 0.1%. Over the past seven days, Bitcoin has grown by 21.6%.
