It was less than a month (October 14, see chart below) when we updated our old Bitcoin (BTCUSD) Channel Up idea of June 07, calling for the confirmed start of the new Bullish Leg of the Channel Up and setting a medium-term Target of $94500:
New evidence following the U.S. elections suggest that the aggressive nature of the past weekly rally can see BTC target even higher, more specifically the top of the Channel Up by Q2 2025.
As you can see, the price is currently between the 0.5 - 0.618 Fibonacci Channel range, which is technically a neutral zone. However it is considerably below the 0.618 horizontal Fib level applied on a potential +198.10% rise (same as the Sep 2023 - March 2024 rally). This showcases the enormous upside potential that exists within this 2-year Channel Up.
The RSI is about to enter the Overbought Zone (>70.00), which when the previous two Bullish Legs started was also while the price was below the 0.618 Fib (especially in the case of the October 20 2023 candle).
As a result, even though our 94500 medium-term Target stands, for the long-term we are targeting 140000, which is almost at the top of the 2-year Channel Up and marginally below a potential +198.11% rise. Notice that the two lengthy corrections (green Rectangles) within the pattern started only when the RSI formed a Lower High below the overbought level (<70.00).
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