$BTC 📉 Global BTC Market Analysis
On the daily logarithmic chart, it is important for Bitcoin to close the weekly candle above the 70,000 level to continue the upward movement. Otherwise, a correction may begin. This is also confirmed by the appearance of divergence on the RSI indicator, which has been in the overbought zone for a prolonged period.
What are the long-term growth targets for Bitcoin? There are no more resistance levels above the current historical maximum based on past data. Therefore, to determine growth targets, we will use trend lines, Fibonacci extension levels, analysis of large order blocks on exchanges, as well as various indicators. According to MVRV Deviation Pricing Bands, the next target for Bitcoin is the 85,000 level, where the first Fibonacci extension level - 1.23 is also located. The range of 90,000 - 100,000 coincides with the global trend line constructed based on the peaks of the two previous Bitcoin cycles and with the Fibonacci extension level of 1.38. The highest target is in the range of Fibonacci levels 1.61 - 1.78, and its testing may begin from the 100,000 mark.
