Unveiling the ‘Golden Number’: Bitcoin Price Surges Above $118,000 – Analyst Predicts More Gains
Overview
Bitcoin has seen a remarkable surge in the last week, with its price soaring by almost 9%, from $108,300 to nearly $118,800. This rally took many by surprise, especially as Bitcoin surpassed its previous all-time high from May, reaching above $111,970. However, according to well-known Bitcoin technical analyst, CryptoCon, this breakout might just be the tip of the iceberg.
In a recent social media post, CryptoCon unveiled a fascinating long-term cycle pattern that suggests a more ambitious price target for Bitcoin. By analyzing the 5.618 Fibonacci extension, the analyst highlighted a number that has consistently aligned with past cycle tops. This projection raises the intriguing possibility of Bitcoin embarking on another parabolic run.
CryptoCon’s analysis delves into the 5.618 Fibonacci extension level in previous market cycles, showcasing how Bitcoin‘s historic peaks have closely mirrored this specific extension. By measuring the movement of each market cycle and applying this golden ratio, the analyst illustrated how the peak prices in June 2011, November 2013, December 2017, and November 2021 all converged around this 5.618 multiple.
Applying the same methodology to the current cycle, CryptoCon predicts that Bitcoin‘s next significant milestone lies somewhere between $170,000 and $180,000. Specifically, the 5.618 Fibonacci extension indicates a “Golden Number” of $184,181 for Bitcoin‘s price in this cycle. This insight provides a compelling perspective on where Bitcoin‘s price trajectory might be heading next.
The recent surge in Bitcoin‘s price over the past 48 hours can be attributed to several key factors. A substantial short squeeze earlier in the week reportedly liquidated over $1 billion in bearish positions. Simultaneously, US-based Spot Bitcoin ETFs saw daily inflows exceeding $1 billion for two consecutive days, further fueling the bullish momentum.
In his social media post, CryptoCon hinted at an impending expansion in Bitcoin‘s price action, stating, “All the boring price action is coming to a squeeze; it can’t stay that way forever.” This observation underscores the anticipation building up in the market as Bitcoin‘s price compression hints at an imminent breakout.
As Bitcoin continues its upward trajectory, the analysis provided by CryptoCon offers valuable insights into the potential future direction of the cryptocurrency. With a projected price range of $170,000 to $180,000, based on the 5.618 Fibonacci extension, Bitcoin enthusiasts and investors alike will be closely monitoring how this cycle unfolds.
